PM witnesses signing of final settlement agreement with France's Vicat company

CAIRO - 21 March 2022: Prime Minister Mostafa Madbouli and Minister of Justice Omar Marwan have witnessed the signing of a final settlement agreement on Egypt's investment dispute with French cement maker Vicat, a shareholder in Sinai Cement Company.

 

The agreement was signed by Minister of International Cooperation Rania el Mashat representing the Egyptian government, and Chairman and CEO of the Vicat Group Guy Sidos.

 

Under the agreement, the arbitration case between Egypt and the French company before the International Center for Settlement of Investment Disputes (ICSID) shall end.

 

The final settlement comes within the framework of the Egyptian government's efforts to amicably resolve investment disputes; in light of the State’s orientation towards attracting more foreign direct investments.

 

Cabinet Spokesman Nader Saad said the move comes in light of the government’s interest in stimulating private sector investments in the Egyptian market, creating an environment conducive to investment, as well as resolving existing disputes and investment problems.

 

He also highlighted the Egyptian government’s keenness to bolster economic relations with France at all levels.

 

Vicat had filed an arbitration case against the Egyptian government at the International Center for Settlement of Investment Disputes, demanding compensation for damage caused to its investments in Egypt.