1,306 new projects granted approvals in H1 2016: Egypt’s industry minister

Egyptian industry ministry granted licences for 1,306 new projects inside and outside industrial zones during the first half of 2016 opposed to 1,099 approvals a year earlier, marking a 19 percent increase.

Minister Tarek Qabil stated Monday that the total investment cost of the new projects is estimated at 21.3 billion Egyptian pounds (US$2.3 billion).

He asserted that those positive indicators reflect ministry’s success to improve industrial investment climate through facilitating procedures of granting licences, allocating and utilising lands, and registering.

Industry ministry targets attracting more direct investments to the industrial sector within the coming period, the minister clarified.

Moreover, minister Qabil noted that around 622 projects were granted immediate, initial, and unconditioned approvals.