Cairo – Mubasher: Schneider Electric (SE) has signed a memorandum of understanding (MoU) with the Egyptian Ministry of Social Solidarity to pump new investments worth EGP 10 million.
Under the deal, the French multinational corporation specialised in energy management will establish five off-grid electricity projects (solar panels) in five remote Egyptian villages.
The company noted that only one project will be carried out per year.
“We are planning to double the production capacity at our factory in Egypt by June 2019,” Luke Remont, executive vice president of international operations of SE, said.
He noted that Egypt is a strategic market for SE because of its capacity and potential to grow faster than any other market in the region.
“Egypt is offering many investment opportunities in major projects, and SE wishes to scale up its investments in the country,” Remont commented.
In 2017, the French conglomerate invested more than EUR 20 million in direct investments in Egypt.
It is worth noting that there are almost 160 French firms are currently operating in Egypt with up to $5 billion in investments.
