PM Mostafa Madbouly held a meeting with CEO of "Okeanos" Florencio Cuétara, and Chairman of "Income" Hesham Sheta to discuss cooperation in the field of environmental protection through the reduction of single-use plastics consumption.
According to a statement issued on Tuesday, Okeanos, which is an American company, and Income reviewed their proposed project to establish a factory for the production of environmentally friendly plastic alternatives, which will be the first of its kind in Egypt.
They added that the project will bring many benefits to the state, including strengthening Egypt's leadership in the field of plastics alternatives industries, saving energy, and new job opportunities, in addition to providing foreign reserves for the country by reducing the import of plastic materials.
On his part, Madbouly welcomed the project which would support Egypt's efforts to transition to a green economy and enhance its international contribution to reducing the effects of climate change, stressing that the government is ready to provide all possible incentives to establish environmentally friendly projects.
He also directed the two companies to quickly present the vision of the project implementation schedule, the required land area, the production stages, and the investments that will be injected.
The prime minister affirmed the government's commitment to giving priority to green economy projects in a way that contributes to achieving comprehensive and sustainable development, and enhances Egypt's role in climate issues, in the context of hosting the COP27 in Sharm el-Sheikh next November.
He said that the government supports innovative solutions provided by the private sector to address challenges related to climate change.
It is noteworthy that Income is a subsidiary of the International Company for Petroleum and Industrial Services (IGI).
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