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Wednesday, 5 April 2017

Gov’t is focusing on attracting investments that add value to Egypt: -Prime Minister Sherif Ismail

Shipping lines that pulled out of Egypt added no value to the economy –PM: The withdrawal of five major shipping lines from the East Port Said Port is not a grave issue or loss for Egypt in terms of investment, Prime Minister Sherif Ismail said yesterday. According to Ismail, the shipping lines were initially attracted to Egypt due to the wide range of incentives offered to them, including free land, low fuel costs, and tax breaks, but did not provide the country with added value significant. The PM stressed that the government is more interested in investments that add value to Egypt’s economy, pointing to the hydrocarbon industry (and Zohr in particular) as well as manufacturing. Ismail also said that Egypt’s foreign debt is within a safe range and stressed the country is committed to its debt service schedule.

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