Cairo – Mubasher: Orange Egypt for Telecommunication is planning to invest around EGP 250 million ($14.18 million) in Egypt’s renewable energy sector, CEO Yasser Shaker said on Tuesday.

Speaking at an Egyptian-French business meeting, organised by the Ministry of Investment, Shaker further revealed that Orange was planning to boost its footprint in Upper Egypt by opening a service centre in the technological village in Assuit.

This new service centre will provide around 500 job opportunities, the Ministry of Investment said in a statement, citing Orange’s top official as saying during the event.

The Egyptian-French business meeting also witnessed the signing of 32 agreements including memoranda of understanding (MoUs), letters of intent, investment deals, and cooperation protocols.

These deals encompassed various fields such as renewable energy, transport, health, social security, logistics, business, telecommunications, women empowerment, and small and medium enterprises (SMEs).

It is worth noting that meeting was attended by a host of top French companies from a number of sectors, including Schneider Electric, L’Oreal, Carrefour, Orange, Saint-Gobain, Credit Agricole, among others.

Earlier on Tuesday, Egypt’s minister of trade and industry Amr Nassar revealed that Egypt’s exports to France had grown by 7.3% year-on-year to EUR 560 million in the first eleven months of 2018.

Moreover, Schneider Electric (SE) signed an MoU with the Egyptian Ministry of Social Solidarity under which it would invest around EGP 10 million to establish five off-grid electricity projects (solar ‎panels) in five remote Egyptian villages.