The Social Fund for Development (SFD), affiliated to Ministry of Industry and Foreign Trade, signed a cooperation agreement with Pirelli to provide the technical support, training and marketing for 35 Pirelli tyre distribution outlets. SFD Managing Director Soha Soliman said the agreement stipulates that the SFD would provide an EGP 15m loan for Pirelli distribution outlets. Soliman said that, after resolving the issues facing marketing for the Egyptian products in Italy, the credit line with Italy will be activated in the next period. The loans' period covers five years and its value varies between EGP 750,000 to EGP 1.4m, according to Soliman. Tyre company Pirelli is dealing with the technical aspects and training for the outlets. According to Younes Alawy, Executive and Managing Director of Pirelli Egypt, the company's investments in Egypt amount to EGP 2bn. The company aims to increase this by $105m by the end of 2015. Alawy added that the company considers Egypt an important country, especially in light of its economic growth. Pirelli Egypt produces 800,000 car tyres a year, 50% of which are exported outside Egypt. Pirelli is a multinational company, headquartered in Milan, Italy. It specialises in manufacturing tyres, and is considered to be the fifth largest factory for tyres worldwide. It has a presence in more than 160 countries, including Egypt, through 10,000 agents and distributers. The Head of the company's Advertising Department, Amany Azmy, said that the agreement benefits 30 outlets, responsible for distributing Pirelli's products. It also provides youth with 200 direct employment opportunities as well as 600 indirect ones. Source: Daily News Egypt
