Banks are willing to help fund the building of a hub for the automotive feeder industry in association with the Egyptian Automotive Manufacturers Association, said Banque du Caire Chairman and CEO Mounir El Zahid, according to Al Masry Al Youm. Pointing to Morocco and what he said are its USD 7 bn in auto exports, El Zahid believes that a manufacturing complex for the sector will help grow the domestic industry.

Meanwhile, the deputy head of the engineering industries division of the Federation of Egyptian Industries is calling for the government to review its auto import trade agreements with the EU, which he says have stunted growth of the auto industry in Egypt, Al Borsa reports. Under the agreement, tariffs on EU-made cars would be reduced until finally eliminated in 2019. This comes as the House of Representatives’ Industry Committee was supposed to meet with industry reps this week to discuss the automotive directive, which aims to give the industry a fighting chance against imports from the EU and Morocco through export and production-based tax and other incentives. No word has emerged as of yet on when the session is due to be held — if, indeed, it is still taking place.