Mexican cement giant CEMEX said it planned to invest $100 million to expand its operations in Egypt.
"The planned investments were discussed in a meeting between Sergio Menendez, President of CEMEX in Egypt, and Yehia Hamed, Egyptian Minister of Investment" on Monday, the company said in a filing with Mexican securities regulators.
The investment will allow CEMEX to "significantly improve its operations in Egypt and continue supporting the country's housing, commercial and infrastructure development," the filing said.
New environmental equipment will be installed to reduce emissions of pollutants and increase the use of alternative fuels, Cemex said.
"CEMEX is constantly providing industry-leading building solutions that help improve the well-being of the people of Egypt," Menendez said. "This investment is expected to support the sustainable development of Egypt for many generations."
More than 250,000 tons of waste have been processed in Egypt since 2000 and converted to alternative fuels, CEMEX said.
"In 2010, CEMEX inaugurated a new U.S. $12 million dust filter equipped with the latest technology to reduce emissions in its Assiut cement plant," the Mexican cement giant said.
CEMEX, which was founded in 1906 in Monterrey, has operations in more than 50 countries. EFE