Arab Finance: The Egyptian government has signed a binding framework agreement with Global Auto Group to locally manufacture and assemble cars in Egypt, as per a statement on November 16th.
The agreement was signed by the General Authority for Investment and Free Zones (GAFI) and the Finance Ministry’s environmentally friendly automobile industry financing fund, and the automotive industry unit of the Ministry of Trade and Industry with Global Auto.
Prime Minister Mostafa Madbouly said that this cooperation comes in light of the issuance of the National Automotive Industry Development Program (AIDP), which is considered an integrated and comprehensive policy for the automobile industry.
The Chairman of the Board of Directors of Global Auto Fahad Al Ghanim confirmed that the Egyptian market is a promising one, especially in light of the measures and incentive packages recently decided by the Supreme Council for Investment.