Global security technology group Giesecke & Devrient has announced a contract with the Central Bank of Egypt to build an integrated plant for the production and processing of bank notes in Egypt’s administrative capital southeast of Cairo.

According to a press release, the project comes with a price tag of approximately 260 million euros ($318 million) and includes cutting-edge IT and security infrastructure as well as the setup of further regional centers.

The plant, whose completion is slated for 2020, will provide the majority of Egypt’s banknote printing and processing capacity. It will support the smart automation of the cash cycle and enhanced banknote security.

“Our solution modernizes the production of highly secure banknotes in Egypt, and contributes to safeguarding one of the country’s critical infrastructures with efficient technology,” Dr. Wolfram Seidemann, CEO of G&D Currency Technology, said in the release. “We are particularly committed to supporting the Central Bank of Egypt in training the approximately 1500 employees of the plant.”

G&D wins contract for cash production, processing plant in Cairo