France's investments in Egypt have totalled €3 billion (US$3.4 billion) during 2014, French ambassador in Cairo André Parant announced. Ambassador Parant has taken part today in the opening ceremony of the French Cosmetics giant L'Oreal's factory in the 10th of Ramadan city in Egypt. He noted that the number of French companies working in Egypt exceeds 14 specialized in various fields, notably banking, tourism, cosmetics, and building materials. In addition, Parant emphasised that the French companies are strongly keen to effectively participate in Egypt's Economic Summit in Sharm El-Sheikh next March. He also referred to an existing agreement between Cairo and Paris based on the necessity of deepening the bilateral relations in the upcoming period. On the recent economic reforms taken by the Egyptian government, the French official said they would contribute to encouraging more foreign investments. The ambassador pointed out that 2015 would witness more French trade and investment missions to discuss key investment opportunities in the Egyptian market. Moreover, Parant mentioned that the French Agency for Development (AFD) recently granted €300 million worth of finances in favour of infrastructure projects in Egypt, saying the agency is willing to pump more finances for Egyptian projects in the upcoming period.
