Egypt to locally manufacture metal plates for road vehicles

CAIRO - 19 August 2018: The coinage authority in Egypt is working on a project to locally manufacture metal plates for road vehicles to replace imports and secure hard currency.

The project will also help create new jobs for youth, the Finance Ministry said in a statement Sunday.

Emerging from a meeting with chairman of the coinage authority Abdel Raouf el Ahmedi, an advisor to the finance minister said that about 600 kilograms of bauxite have already been manufactured and tested at European factories to guarantee high quality.

The experiment was successful and the coinage authority is currently working on some technical remarks for the project to be complete, said Sherif Hazem.

The project is also meant to pave the way for exports to the Arab world and Africa, Hazem added.

An initial feasibility study has already been outlined, said Ahmedi, noting that it shows the cost of and expected revenues from the project.

The local manufacturing of plates is expected to help save between 25 to 30 percent of expenses, Ahmedi made it clear.