Egypt lays foundation stone for 1st green industrial complex

CAIRO, Aug. 29 (Xinhua) -- Egyptian Minister of Housing Sherif El-Sherbiny on Thursday laid the foundation stone for the country's first green industrial complex, the ministry said in a statement.

The project, spanning over 400,000 square meters and with a total investment of 12 billion Egyptian pounds (about 247 million U.S. dollars), is situated in the industrial zone of New Alamein City along the Mediterranean Sea.

The first phase of the complex will include three main factories and additional supporting facilities, the statement said, adding that the production will start in the second quarter of 2025, with 60-70 percent of components being locally sourced.

The complex is expected to create 2,000 jobs, it noted.

The Egyptian government aims to use the green industrial complex as a successful model to attract foreign investment in industries related to metal equipment manufacturing and to advance technology localization in Egypt, it added. ■