Summary of Proposed Investment
Project Number
10760
Company Name
ALEXANDRIA AUTOMOTIVE CASTING FREE ZONE SAE
Date SPI Disclosed
Feb 21, 2001
Country
Egypt, Arab Republic of
Industry
Manufacturing
Projected Board Date
Mar 31, 2001
Status
Completed
Sector
Motor Vehicle Parts
Department
Regional Industry - MAS Africa
Environmental Category
B - Limited
Previous Events
Approved : Mar 28, 2001
Signed : Oct 17, 2001
Invested : Nov 21, 2001
Project Description
The project is to establish Alexandria Automotive Casting Company, which will manufacture medium-technology automotive castings (brake calipers) to be sold under an off-take agreement to Continental Teves. Upon completion, AAC will have a capacity of 20,000 tons per annum.
The proposed project will promote local enterprise in the autoparts sector, an industry in which Egypt has a strategic advantage due to its location close to Europe and comparatively lower production costs. The proposed project would create approximately 35 new jobs. As AAC’s production will be mostly for exports, the proposed project will contribute to foreign currency earnings. It will stimulate transfer of the most advanced production technology, know-how and local staff training by Continental Teves to Egypt.
IFC’s role in the proposed project involves: (i) provision of long-term foreign currency financing which is currently not available from local banks; and (ii) encouraging the development of internationally competitive local manufacturers. IFC''s participation in this project would create a demonstration effect for other foreign investors to invest in similar export oriented projects in Egypt.
The proposed project will promote local enterprise in the autoparts sector, an industry in which Egypt has a strategic advantage due to its location close to Europe and comparatively lower production costs. The proposed project would create approximately 35 new jobs. As AAC’s production will be mostly for exports, the proposed project will contribute to foreign currency earnings. It will stimulate transfer of the most advanced production technology, know-how and local staff training by Continental Teves to Egypt.
IFC’s role in the proposed project involves: (i) provision of long-term foreign currency financing which is currently not available from local banks; and (ii) encouraging the development of internationally competitive local manufacturers. IFC''s participation in this project would create a demonstration effect for other foreign investors to invest in similar export oriented projects in Egypt.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Engr. Ahmed Sidahmed
Managing Director
Amreya Metal Company
Tel: 203 4701 280
Fax: 203 470 2101
Address: Kilo 21, Merghem, Alex-Cairo Desert Road, Amreya
Mr. Yasseen Mansour
Managing Director
El Mansour & El Maghraby Investment and Development
Tel: 202 342 4921
Fax: 202 342 4840
Address: 10 El Kamel Mohamed St. Zamalek, Cairo, Egypt
Managing Director
Amreya Metal Company
Tel: 203 4701 280
Fax: 203 470 2101
Address: Kilo 21, Merghem, Alex-Cairo Desert Road, Amreya
Mr. Yasseen Mansour
Managing Director
El Mansour & El Maghraby Investment and Development
Tel: 202 342 4921
Fax: 202 342 4840
Address: 10 El Kamel Mohamed St. Zamalek, Cairo, Egypt