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PepsiCo to invest $500m in Egypt in 2015

DBR Staff Writer Published 16 March 2015

Global food and beverage firm PepsiCo plans to invest $500m in Egypt this year to boost production.

pepsi

This was announced by the company's business unit manager for North East Africa Ahmed El Sheikh at an investment conference in Sharm El-Sheikh, reported Reuters.

This announcement comes after the firm achieved sales of $1.2bn in Egypt in fiscal 2014.

PepsiCo's announcement comes a day after Gulf Arab allies pledged to invest $12bn in Egypt's central bank.

General Electric also announced plans to invest $200m in the country.

These announcements serve as a big boost to President Abdel Fattah al-Sisi's plan to rebuild the economy, which has taken a hit following years of political turmoil.

Egypt hopes that this conference will render an image of stability and boost investor confidence.

Cairo aims to attract investments to the tune of $8bn from overseas firms this fiscal year.

PepsiCo is a leading food and beverage company, providing a diversified product range such as Pepsi, Quaker and Tropicana.

The firm invested $600m between 2011 and 2013. Currently, it has 11 facilities and 47 distribution centres across Egypt.

Image: Pepsi offers a diversified product range including soft drinks. Photo: Courtesy of Tiverlucky/Freedigitalphotos.net.