Nestle is pushing ahead with plans to invest EGP1 billion in Egypt in the next few years despite a foreign exchange shortage that has made it harder for the company to finance imports and repatriate profit. According to CEO and Chairman for North East Africa, Yasser Abdul Malak, the group produces 70% of its products locally and has managed to finance imports because essential foods are prioritised by banks in their USD allocation. He further added that despite the conflict in Libya, which hit Egypt’s exports, Nestle expects to reach almost double-digit growth in the North East Africa region within 5-10 years. (Reuters)