$ 10 million ... all of Egypt's investment losses due to the Ethiopian war
Maat denounces the Ethiopian escalation and calls on officials to secure Egyptian investments in the conflict zone
Egypt has lost about 10 million dollars since the outbreak of the recent Ethiopian crisis between the government of Addis Ababa and the Tigray region in the north of the country. Where there are two large factories for Egyptian businessmen within the industrial zone in "Makali", located in the Tigray region. This civil war led to the suspension of work in these factories and the return of Egyptian workers to the country. These Egyptian factories operate in the sectors of electrical transformers, wood and saving lamps.
According to preliminary estimates, the market value of these Egyptian factories is about 10 million US dollars, not to mention that there is a possibility of increasing losses, especially with the possible escalation and the presence of fears that the factories will be bombed or completely destroyed.
In fact, the Egyptian investments in Ethiopia amount to 700 million dollars, after an invitation from the Egyptian government for integration and cooperation between African countries.
Maat Foundation condemns the Ethiopian civil war and its dire facts on all levels. The government demands to quickly contain the situation and work to secure the Egyptian investments adequately. The Maat Foundation also joins the demands directed at the African Union to activate the African Investment Risk Fund to contain the crisis.