Egyptian firm eyes investments in Zim
A DELEGATION from Egyptian multi-sector investment firm, Elsewedy Electric, yesterday met President Mnangagwa and several senior Government officials and expressed keen interest to invest millions of United States dollars across various sectors of Zimbabwe’s economy.
Elsewedy prides itself in creating multimillion dollar sustainable projects in energy and infrastructure that enable businesses, communities, and regions to thrive. The company has been listed on the Egypt Stock Exchange since 2006.
Finance and Economic Development Minister Professor Mthuli Ncube said yesterday a four member delegation of Elsewedy officials was in the country exploring Zimbabwe’s abundant investment opportunities.
The Egyptian firm’s delegation, led by director Ahmed Amin, met and held wide ranging deliberations with President Mnangagwa and a number of senior Government officials at State House yesterday, among them the Treasury chief.
This comes as foreign investors continue to flock into Zimbabwe taking note, Professor Ncube said, of the huge strides Harare has made on key reforms to improve the investment climate, business environment and macro-economic stability.
Minister Ncube said the Government of Zimbabwe will be signing a Memorandum of Understanding (MoU) with Elsewedy for various investments across the entire economy.
“This company is a multi-sector company, they are involved in so many sectors; they are into construction of dams, they are into construction of power plants, they are also into solar plants, they are involved in agriculture, they are involved in building railways systems.
“They are all over the place, hotels... they also build hotels and do construction and right across the economy.
“So, we met with them, we will be signing an MoU as a Government to support various Government projects right across the sectors that I have
mentioned,” he said.
Minister Ncube said the Egyptian company did not indicate how much
it would invest nor when it intended to start the cocktail of investments across Zimbabwe’s economy.
in manufacturing and infrastructure development, the investment opportunities are there and they are becoming more and more obvious everyday.
Minister Ncube’s sentiments buttress the pledge President Mnangagwa’s administration made upon assuming power in 2017 that Zimba
and re-engagement efforts had paid off, leading to a change in negative investor perceptions.