Egyptian Industry Ministry signs three cooperation protocols Sunday on providing a bunch of soft funding for small-sized enterprises at Al-Robeky zone for leather tanneries and Mirghem plastics city in Alexandria.
The protocols would be signed between the ministry, National Bank of Egypt (NBE) and Egyptian Petrochemicals Holding Company (ECHEM) in the attendance of Minister Tarek Qabil, Hisham Okasha -Chairman of NBE-, Mohammad Safaan -Head of ECHEM-, and Alexandria governor.
Minister Qabil stated that inking the protocols is an effective step towards establishing Al-Robeky and Mirghem projects.
Al-Robeky zone is the first specialised industrial zone to which leather tanneries in Magra El Oyon region would be relocated.
It is expected to seize around 45-55 percent of leather products, thus, upgrading tanning processes to cope with the latest global systems.
Meanwhile, Mirghem complex for plastics industries would be built on the space of 25 feddans including 240 workshops; 180 units with spaces of 100 metres and 60 units with spaces of 200 metres with total cost of 48.6 million Egyptian pounds.
The ministry plans to raise the volume of Egyptian exports of leather products to US$800 million annually from US$170, i.e. the total volume of current leather exports, million after completing the third phase of Al-Robeky zone, Qabil added.
Al-Robeky zone encompasses three phases to accommodate all workshops and factories existent in Magra El Oyon region, the minister clarified.
The first phase has been established with total cost of one billion Egyptian pounds while the second phase would be built on the space of 116 feddans.
In April, the utilities fund of the Egyptian Industrial Development Authority (IDA) allocated 200 million Egyptian pounds (US$22.5 million) for the second phase.