Gov’t moves ahead with USD 10 mn JV to promote Egyptian products in Africa: Public Enterprises Minister Hisham Tawfik met yesterday with potential shareholders in a planned USD 10 mn company to market locally manufactured products abroad, particularly in Africa, as part of his ministry’s “Gosoor” plan, according to Masrawy. The potential shareholders include the three main state-owned banks (Banque Misr, Banque du Caire, and the National Bank of Egypt), as well as unnamed private companies and businesses. Business tycoon Naguib Sawiris is eyeing a 10% slice of the new company, he told the local press yesterday.

Background: The government had begun operating a shipping route between Ain Sokhna and Mombasa in October last year in a bid to boost trade with Africa through new trade routes and logistical development. The second phase of the project, which includes land transport, customs clearance, and storage in 2Q2020.