Prime Minister Mostafa Madbouly said the state is continuing its plans to provide all necessary components to localise various industries in Egypt during a Cabinet meeting on Wednesday.

Madbouly said the state is committed to its plans aimed at increasing investments, particularly in the Suez Canal Economic Zone (SCZONE), which offers a range of incentives for diverse projects.

The prime minister highlighted the recent inauguration of nine new factories across the SCZONE in several strategic sectors with total investments of $182.5 million, creating more than 1,300 job opportunities.

Madbouly also reviewed the latest developments in the current regional crisis and its impact on economic conditions locally, regionally, and globally.

He outlined the state’s efforts to manage the repercussions of this unprecedented crisis and its effects on the domestic economy.