Egypt, Nissan agree to produce 100,000 cars a year - minister
CAIRO, March 19 (Reuters) - Egyptian state-owned carmaker El
Nasr Automotive Manufacturing and Japan's Nissan have
reached an initial agreement to produce 100,000 cars a year in
Egypt, the minister for public enterprises said on Tuesday.
The agreement is part of efforts to boost the proportion of
locally made auto components in cars assembled in Egypt with a
view to exporting the majority of the vehicles, Hesham Tawfik
A final contract is expected to be signed within three
months, according to a ministry statement, which did not give a
target date for the production of 100,000 cars a year.
There have been reports of government plans to revive Nasr
Automotive, which specialised in making local versions of Fiat
cars before it ceased production shortly before Egypt's 2011
uprising, according to state media.
Its revenue rose to 5 million Egyptian pounds ($289,185) on
assets of 350 million EGP in the 2016-17 financial year, from
zero the previous year, according to an Egyptian finance
($1 = 17.2900 Egyptian pounds)
(Reporting by Ehab Farouk and Patrick Werr; Writing by Aidan
Lewis; Editing by Mark Potter)
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