Cemex has announced that it will invest US$100 million in Egypt in order to enhance its operations and support housing, commercial and infrastructure development in the country.
Assiut cement plant
A large portion of the investment will go towards increasing the capacity to use coal and petcoke at the Assiut cement plant, helping to eliminate fuel subsidies by 2014. There are also plans to invest in environmental and waste co-processing equipment to lower emissions and increase the use of alternative fuels. Cemex introduced a US$12 million dust filter at the plant in 2010 and has co-processed more than 250 000 t of waste in Egypt since 2000.
Infrastructure investment and legislation
The investment plans were discussed at a meeting between the President of Cemex in Egypt, Sergio Menendez, and the Egyptian Minister of Investment, Yehia Hamed. During the meeting, the Minister outlined his commitment to protecting foreign investment in Egypt, proposing two amendments to laws regulating investment that would guarantee the rights of the State and of investors with regards to factories and companies. These amendments have been approved by the cabinet and are currently awaiting approval from the Shoura Council.
As part of the investment, Cemex will promote concrete road construction. The cement manufacturer already has plans to support four concrete paving projects in the country in 2013. Cemex’s operational improvements will boost job creation and the company’s affordable housing initiatives.
Cemex has carried out a range of social responsibility projects in Egypt, such as a Food-for-Education programme that has helped more than 5000 children and their families.
Adapted from press release by Louise Fordham.
Read the article online at: https://www.worldcement.com/africa-middle-east/04062013/cemex_invests_in_egypt_1003/
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