{"id":581614,"date":"2023-02-16T00:00:00","date_gmt":"2023-02-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/"},"modified":"2023-02-16T00:00:00","modified_gmt":"2023-02-16T00:00:00","slug":"pm-madbouly-meets-turkish-companies-to-drum-up-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/","title":{"rendered":"PM Madbouly meets Turkish companies to drum up investment"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INVESTMENT-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Mending ties with Turkey through FDI: <\/span><span style=\"\">Representatives of a number of Turkish <\/span><span>companies<\/span><span> met with Prime Minister Moustafa Madbouly yesterday, where they discussed plans to invest a combined USD 500 mn to expand their activities here, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0HH7ZCYuNyPvq2jUeYHLfHx8w4xiFT2hf5g6KTCT3n1vHiRfkjn7dSQKgdqZmLvfel\" style=\"\">cabinet statement<\/a><\/span><span>. The meeting with Turkish investors was \u201cthe first of its kind by an Egyptian PM in 10 years,\u201d the statement reads. <\/span><span style=\"font-weight:400;\">Most of the companies are prominent textile and apparel makers. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More from the SCZone\u2019s Tokyo roadshow: <\/span><span style=\"\">SCZone Chairman Walid Gamal El Di<\/span><span style=\"\">n <\/span><span>discussed potential green fuel production projects in the zone with Kawasaki Heavy Industries, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"http:\/\/bit.ly\/3S0wLg0\" style=\"\">statement<\/a><\/span><span> by the SCZone. He also talked desalination projects with Japanese water pump manufacturer Torishima. Gamal El Din is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/15\/this-morning-a-rainy-post-valentines-96897\/\" style=\"\">in Tokyo<\/a><\/span><span style=\"font-weight:400;\"> this week to drum up investment from Japanese firms.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AUTOMOTIVE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The expat car-for-FX scheme could run into June<\/span><span style=\"\"> as the House Planning and <\/span><span style=\"\">Budget Committee continues to push for further extensions under amendments to the initiative making their way through parliament. The committee now wants to extend the scheme for another three months from the current <\/span><span style=\"\">deadline<\/span><span style=\"\"> in March, after it gave preliminary approval to a two-month extension earlier in the week, Committee Deputy <\/span><span style=\"\">Chairman Yasser Omar said<\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">The government is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/12\/28\/this-morning-see-you-next-year-folks-92377\/\" style=\"\">amending the scheme<\/a><\/span><span style=\"\"> in hopes of streamlining it, amid low turnout that has seen the Finance Ministry collect just USD 38.5 mn in payments since the initiative was launched in November \u2014 a fraction of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/17\/expat-car-import-scheme-could-raise-egp-50-bn-worth-of-fx-maait-84169\/\" style=\"\">USD 2.5 bn<\/a><\/span><span style=\"font-weight:400;\"> it had initially hoped to raise. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">TRADE FINANCE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More financing for the private sector, courtesy of<\/span><span style=\"font-weight:700\"> the ITFC: <\/span><span style=\"\">The International Islamic <\/span><span>Trade Finance Corporation (ITFC) is planning to allocate USD 120 mn in financing to private-sector companies in strategic sectors in 2023, ITFC CEO Hani Sonbol reportedly said in an interview with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3YDc0JV\" style=\"\">Al Mal<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where\u2019s the money going? <\/span><span>The ITFC will channel USD 80 mn to <\/span><span style=\"font-weight:700\">SMEs<\/span><span> and export-focused <\/span><span style=\"font-weight:700\">manufacturers<\/span><span>, Sonbol reportedly said. The corporation has opened credit lines with banks and non-bank financial institutions that will on-lend to SMEs, and will provide direct finance to industrial firms. It is also in talks to provide finance to private contractors working on <\/span><span style=\"font-weight:700\">public-private projects<\/span><span> and is offering advisory services to the finance ministry and state banks on <\/span><span style=\"font-weight:700\">sukuk<\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MANUFACTURING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Chipsy launches new production line: <\/span><span style=\"\">Chipsy Food Industries <\/span><span style=\"font-size:10.5pt;\">\u2014<\/span><span style=\"\"> a subsidiary of <\/span><span>PepsiCo Egypt Group <\/span><span style=\"font-size:10.5pt;\">\u2014<\/span><span> launched a new USD 20 mn production line inside its factory in Sixth of October, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/projects\/industry\/pepsico-egypt-subsidiary-opens-20mln-chips-production-line-panwa18n\" style=\"\">Zawya<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">FINTECH-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A family payments app<\/span><span style=\"font-weight:700\">: <\/span><span style=\"\">Egypt-based fintech <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/co-pal.com\/\" style=\"\">Copal<\/a><\/span><span style=\"\"> has partnered with Mastercard to <\/span><span>launch Egypt\u2019s first family payments mobile app, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/MC-x-Copal-PRL-EN-15.2-1.pdf\" style=\"\">a press release (pdf)<\/a><\/span><span style=\"font-weight:400;\">. The app aims to boost financial inclusion among underbanked young people through its unified payment platform, which is fully managed by their guardians.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>INVESTMENT- Mending ties with Turkey through FDI: Representatives of a number of Turkish companies met with Prime Minister Moustafa Madbouly yesterday, where they discussed plans to invest a combined USD 500 mn to expand their activities here, according to a cabinet statement. The meeting with Turkish investors was \u201cthe first of its kind by an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581615,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,6700,6701,104,72,6329,183,125,131,865,681,6702],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581614","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-chipsy-food-industries","tag-copal","tag-economy","tag-enterpriseam","tag-fb","tag-fintech","tag-investment-watch","tag-manufacturing","tag-mastercard","tag-pepsico","tag-sczone","wpautop","entry"],"acf":{"mongo_id":"c0ba1660-aaa7-4c5c-9e7f-32a1a0a00228","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/money-1600-1.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581585],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.fb5fe13f-ef24-4966-826a-2fac1985804f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PM Madbouly meets Turkish companies to drum up investment - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PM Madbouly meets Turkish companies to drum up investment\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT- Mending ties with Turkey through FDI: Representatives of a number of Turkish companies met with Prime Minister Moustafa Madbouly yesterday, where they discussed plans to invest a combined USD 500 mn to expand their activities here, according to a cabinet statement. The meeting with Turkish investors was \u201cthe first of its kind by an [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-16T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/money-1600-1.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"PM Madbouly meets Turkish companies to drum up investment\",\"datePublished\":\"2023-02-16T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/\"},\"wordCount\":457,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/money-1600-1.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ALSO ON OUR RADAR\",\"Chipsy Food Industries\",\"Copal\",\"economy\",\"EnterpriseAM\",\"F&amp;B\",\"Fintech\",\"investment watch\",\"Manufacturing\",\"Mastercard\",\"PepsiCo\",\"SCZone\"],\"articleSection\":[\"Also on our Radar\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/pm-madbouly-meets-turkish-companies-to-drum-up-investment\/\",\"name\":\"PM Madbouly meets Turkish companies to drum up investment - 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