Only three construction companies, out of 25 companies based in Egypt, are commencing work in other African countries, according to Daker Abdullah a member of the Egyptian Federation for Construction and Building Contractors (EFCBC), reported Daily News Egypt.
The three companies are the Arab Contractors Company, Orascom Construction, and Nasr General Contracting. Egypt has the smallest share of investments in Africa, amounting to approximately EGP 400 billion ($45 billion), while China, India, and Turkey lead investments in the continent.
During a conference entitled “The Way to Africa”, experts stated that Africa is in constant need of insurance companies to support construction firms due the instability and tension endured in the continent.
Another obstacle is funding, as companies are unable to invest in the continent due to the shortage in funding from Egyptian banks.
Trade and investments with other African countries in the construction sector is expected to reduce unemployment rates in Egypt as well.