Egyptian Minister of Investment and International Cooperation Sahar Nasr met on Saturday with Vice President of General Electric John Rice on the fringe of her participation in the WB Spring meetings in Washington.

The two sides discussed the outcome of the recent meeting held between President Abdel Fattah El Sisi and General Electric CEO Jeff Immelt during the Egyptian president's visit to Washington in early April.

Nasr asserted that the Egyptian government backed the company's projects in Egypt and would continue coordination with the ministries concerned to ease the company's business in Egypt.

The two sides also probed the offer of General Electric to provide Egypt's railway company with around 100 to 200 train carriages on the condition that 35 percent of them are to be manufactured in Egypt. This comes as part of the company's plan to increase its investments in Egypt to provide job opportunities for youths in the coming years to contribute to Egypt's development plans and its economic growth.

Rice, for his part, noted that the company is willing to increase its investments in Egypt and highlighted the strategic and economic relations binding Egypt and the US.

He also pointed out to the role of General Electric in upgrading the transport network in Egypt, especially the railway with the aim of reducing transport costs and ease traffic jams.

The senior official also voiced his company's readiness to invest in the renewable energy field through the utilization of solar and wind energy, asserting that the Egyptian market is a promising market for investment in this field.

Source: MENA