Expats in Canada set up investment fund for Egypt projects

President of the Canadian Chamber of Commerce Fayez Ezzeddin has announced that the Egyptian community plans to establish a US$1 billion investment fund to set up new projects or contribute to existing ones.

During the chamber’s meeting on Sunday evening, Ezzeddin said the fund would be managed by Egyptians specialized in such investments. He pointed out that the Egyptian community in Canada aims to help tourism by implementing a program by which 1000 Egyptian and Canadian families would visit Egypt beginning in July.

Ezzeddin went on to say that a deal had been made with a tourist company to organize a program to include would include visits to the seaside resort cities of Sharm el-Sheikh and Hurghada.

He added that the chamber had used the slogan “Egypt is your portal to Africa” to entice Canadian investors, and emphasized that Canadian companies would benefit from setting up companies in Egypt and exporting to the African market.

Ezzeddin called for the speedy provision of land for investment projects. He added that sudden changes to commercial laws raised fears in investors, noting that business owners should be included in the decision making process so as to benefit all parties.

Translated from the Arabic Edition

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