Greek Investments in Egypt

The total amount invested by Greek companies in Egypt is approximately estimated over 700 million US$. Greek investments in Egypt grew substantially during 2004 due to the recent acquisitions effected by the cement company TITAN, the expansion realized by Pyramids Paper Mill (Zeritis Group) to the existing factory of the company and the acquisition of exploration rights in oil and gas extraction by Vardinoyannis Group.

During 2005, Piraeus Bank announced the acquisition of Egyptian Commercial Bank. The Board of National Bank of Greece has already raised the venture capital of its Egyptian branch reaching 55 million US$, seeking expansion to the Egyptian market by acquisition of other banks.

“Intralot Egypt”, an affiliate of “INTRACOM”, has signed an agreement with the Egyptian Post Office for the establishment and management of a modern national gaming / lottery system in Egypt. The initial investment is estimated at around 10 m. EURO and a new joint company in which «Intralot Egypt» participates by 85% and the Egyptian Post Office by 15% is implementing the project.

Moreover, TITAN cement company is expanding (2006) its production facilities by an additional investment of approximately 60 million US$.

At the same time, Greek internationalized “blue chips” such as Hellenic Petroleum (ELPE) S.A., Asprofos S.A. dealing with petroleum and natural gas respectively, INTRACAT S.A. dealing with constructions, INTRACOM S.A active in the telecommunication sector and information technology, as well as NAMCO S.A., an automobile manufacturer, have decided to expand their activities in Egypt, as a base county for their international operations in the Middle East and north Africa.

The panel of Greek investors includes companies active in the sectors of food products (Edita/Chipita), irrigation systems (Eurodrip), paints (Er-Lac), automobile parts (Olympus Rad Egypt), construction materials, shipping (Vardinoyannis Group and Evgenidis Group) and shoe making industry. Greek construction companies are active in contracting public infrastructure works (Latsis Group and Archirodon Group).

Greek automobile company NAMCO has expressed its interest to establish a joint venture for the production in Egypt of the “PONY” vehicles The company seeks for Egyptian co-investor

Lastly the Greek Bank Eurobank has expressed its interest in acquiring the Egyptian  Alexandria bank for a reputed cost of 1 billion Euro.

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