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Egyptian-Libyan cooperation to increase investment opportunities between the two countries


Counselor Mohamed Abdel Wahab, CEO of the General Authority for Investment and Free Zones, met yesterday, Dr. Ali Mahmoud Hassan, Chairman of the Libyan Investment Authority, the Libyan Sovereign Wealth Fund, to discuss investment opportunities in the two countries, as the Libyan Investment Authority manages about $ 67 billion through a union that includes 550 investment companies spread across three continents.


This meeting comes in light of the implementation of the prime minister's mandates to follow up the results of the visit of the Egyptian ministerial delegation headed by Dr. Mustafa Madbouly to the Libyan capital, Tripoli, which is the first visit by an Egyptian prime minister in many years to Libya, which witnessed the signing of 11 documents to enhance bilateral cooperation between the two countries in Various fields, including investment, technical training and capacity building.

 

Counselor Mohamed Abdel-Wahab said that the meeting is the first step in the actual implementation of documents to enhance cooperation between the two countries, as joint investment opportunities between the Libyan Investment Authority and Egyptian partners were discussed, for what is in the interest of the two countries' economies, and an agreement was made to implement joint Egyptian-Libyan investment projects in the targeted sectors.


The meeting witnessed agreement on executive decisions with specific steps to solve any challenges that might face the flow of Libyan investments to Egypt, and the two sides also envisioned restructuring some real estate and tourism companies to push the investment movement in the real estate and tourism sectors in Egypt.


Counselor Mohamed Abdel-Wahab presented the Libyan side with an integrated vision of investment opportunities in major national projects, especially in the new administrative capital and the new city of El Alamein, explaining to the Libyan side the need to diversify the Libyan investment portfolio in Egypt, to benefit from the growth of various economic sectors.


The number of companies that include Libyan contributions is 1,165 companies in Egypt, concentrated in the agricultural, financial, real estate and tourism sectors, in addition to the services sector.

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