The planned investments were discussed in a meeting between Sergio Menendez, president of Cemex in Egypt, and Egyptian minister of investment Yehia Hamed.
“Cemex is constantly providing industry-leading building solutions that help improve the well-being of the people of Egypt,” said Menendez. “This investment is expected to support the sustainable development of Egypt for many generations."
A sizable percentage of the investment will be used by the company to increase its capacity to use coal and pet coke as energy sources in its Assiut cement plant, helping to eliminate fuel subsidies by 2014. Cemex also expects to install new waste co-processing and environmental equipment in the plant to continue reducing its emissions and to increase its alternative fuels usage.
In addition, the operational improvements are expected to further enhance the company’s affordable housing efforts, specifically in Upper Egypt, fostering the creation of new jobs in this region.