Egypt has approved plans to invest nearly 2.9 billion Egyptian pounds ($94 million) in new metal industrial projects during fiscal 2023-2024, press reports said on Monday.

The new investments by the state-owned Metallurgical Industries Holding Company this year will fund new projects and expansion of production lines by its affiliated companies, the Arabic language daily Addustour said, quoting informed sources.

The paper noted that the Company, a subsidiary of the Ministry of Public Business Sector, has pumped nearly $1billion for the expansion of Egyptalum’s aluminium production by 300,000 tonnes a year.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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