Three plants with Egyptian and foreign investments estimated at LE 477 million were inaugurated in the 10th of Ramadan Industrial City on Monday.

An Egyptian-Italian joint venture opened a plant for towel production on an area of 120,000 sq m in the city. The plant is 45 percent controlled by the Egyptian private sector and is being launched at a total investment cost of LE 460 million.

Another readymade garment plant was launched with Egyptian-Turkish investments estimated at LE 10 million. The plant’s annual production amounts to $2.7 million a year.

The third plant is a joint venture between Egyptian and Saudi investors and is specialized in water meter manufacturing with investments of LE 7 million.

Minister of Trade and Industry Rachid Mohammad Rachid inaugurated the three plants during a recent tour through the 10th of Ramadan City. The minister said that total investment in the city amounts to LE 24 billion in 1,206 manufacturing plants that produce goods worth LE 49 billion a year.