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Sunday, 3 December 2017

Egypt makes headway in developing regional countries hit by crises

Egypt makes headway in redeveloping regional countries hit by crises: Egyptian companies aiding the redevelopment of regional countries trying to recover from war — a key foreign policy initiative set to take off next year — have made some headway over the past week. Egypt’s oil and gas sector is ready to contribute to redeveloping Libya’s energy sector, Oil Minister Tarek El Molla said during a meeting with the Chairman of Libya’s National Oil Corporation Mustafa Sanallah on Tuesday, the Libya Observer reports. The pair also discussed developing joint projects for storage, trading and distribution of petroleum products.

El Molla’s statements come as Egyptian companies are expected to sign several agreements for development projects in Libya next February, AMAY says. The agreements will be inked during an expo for Egyptian projects and products in Libya, where talks on exporting products to Libya through Egypt’s western border are set to continue. Pharma products in particular are in low supply in Libya, and Egyptian products could fill the gap, said Libyan-Egyptian Economic Chamber head Hany Soufrakis.

Meanwhile, Egyptian companies have negotiated agreements worth USD 16 mn with Iraqi companies at the Baghdad International Fair in sectors including electrical appliances, furniture, food industries, garments, Trade and Industry Minister Tarek Kabil said on Saturday.

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