The investment forms part of PepsiCo’s commitment to inject a total of $515 million into the Egyptian market from 2018 to 2021.

As part of its investment, the company plans to expand the production lines of two of its subsidiaries, Pepsi Cola Egypt and Chipsy for the food industries. In addition, PepsiCo will invest in the latest technologies, sustainable development and community development projects.

The company said it will focus on social responsibility programmes in many sectors, most importantly women empowerment and entrepreneurship, as well as contributing to its efforts against the coronavirus impact.

The announcement was made following a meeting on Sunday between Mohamed Abdel-Wahab, CEO of the General Authority for Investment and Free Zones, and Mohamed Shelbaya, chairman and CEO of PepsiCo Egypt.

During the meeting, Abdel-Wahab presented the opportunities available to PepsiCo Egypt in investment areas and free zones within the framework of encouraging the company to consider Egypt a regional centre for its business in North Africa.

The two groups discussed the potential challenges that PepsiCo may face and highlighted that the private sector is the main driver of the national economy.

According to Shelbayeh, PepsiCo has considered Egypt one of its strategic markets for more than 70 years.