Solb Misr, a leading Egypt-based steel group, will invest around EGP1.6 billion ($200 million) in projects that it is currently developing, said the company chairman.

The investment plan will last till 2017, Gamal El-Garhy, was quoted as saying in a Daily News Egypt report.

The company is working on the production of two-million-tonnes direct-reduced iron (DRI) and a two million tonnes of steel plan that will be finalised by the end of 2016, according to the report.

This is in addition to the 500,000-tonnes project the company is currently working on, the report said.

El-Garhy explained that the previously announced plans to invest $150 million in setting up a new steel facility will start this year.

“The company has pumped some EGP14 billion ($1.82 billion) [since 2006],” Al-Garhy added.