Prime Minister Mostafa Madbouly held a meeting to review a proposal submitted by Indorama Corporation regarding the establishment of two factories for phosphate fertilizers and mineral silicon for the production of solar panels.

The meeting was attended by Tarek El Molla, Minister of Petroleum and Mineral Resources; Hala Al-Saeed, Minister of Planning and Economic Development; Ahmed Samir, Minister of Trade and Industry; Mohamed Abazid, Legal Adviser to the Minister of Planning; and Saif Saleh, Assistant Minister of Planning for public policies. Mohamed Sherine, Senior Vice President of Investment at the Sovereign Fund of Egypt, also participated in the meeting via video conference.

Madbouly started the meeting, referring to the letter sent by the company regarding the establishment of a plant for the production of phosphate fertilizers, and another for mineral silicon to produce solar panels. The prime minister stated that he had previously held a meeting with the company’s officials who expressed interest in expanding their investments in Egypt, and therefore this meeting comes with the aim of discussing speeding up the procedures for implementing this project.

Al-Saeed indicated the investor’s desire to direct his investments in two factories, namely phosphate fertilizers and mineral silicon to produce solar panels, with investments amounting to about $700 million, provided that production is allocated for export.

Meanwhile, El Molla confirmed the availability of the necessary land plots, as well as raw materials, for the required manufacturers, and there is an opportunity for partnership that can be discussed with the group’s officials.

Madbouly directed to quickly study the demands submitted by the investor by the ministries and concerned authorities, as well as the proposed partnership opportunities, or the land plots required to establish new factories, provided that the necessary measures and facilities are taken to establish these factories.

During the meeting, Madbouly instructed the Minister of Industry to quickly prepare draft laws or decisions regarding the implementation of the President’s recent directives related to stimulus packages for targeted industries. In order to be presented to the Council of Ministers and in the event of amendments to the laws, it is presented to Parliament at the beginning of the new session.