CEMEX Readymix has signed a distribution agreement with Assiut Cement in one of the largest development projects currently underway in Egypt.
The project is expected to create 3,000 new job opportunities during its implementation, in addition to 500 permanent jobs after its completion, and is due to be completed after five years.
It will be funded by EGP 2.4bn worth of investments from both the Egyptian and German governments.
The project seeks to better help navigate and direct the waters of the Nile River in an attempt to provide the country with adequate water resources for future generations.
It will also include the establishment of a number of environmentally friendly electric generators expected to produce 32 megawatts of energy, serving the provinces of Assiut, Minya, Beni Suef, Fayoum and Giza.
The plan is also expected to help irrigate 1.7 million acres of soil, a territory roughly eight times the size of the state of New York.
Expected to be completed by 2017, the project will include the construction of eight floodgates standing at a height of 17 metres, a hydroelectric station, four 8 megawatt energy generators, in addition to one 11 metre high dam.
Large swaths of the Nile are expected to be dug up as part of the project in order to limit the rises in water level around the river banks in the Asyut province and surrounding areas.