40 Factories To Be Established In Sohag After Extending Due Dates

Forty investors will began the establishment of factories in Sohag after the announcement voiced by Eng. Hatem Saleh, Minister of Industry and Foreign Trade, about extending the due date of withdrawing lands, which were received by these investors from years, from late September 2012 to the beginning of the next year.

Mahmoud El-Shandawely, head of Investors of Sohag Association, told Amwal Al Ghad that the investors are serious in establishing the factories but the turmoil that followed last year’s revolution has affected negatively their investments.

Investors had several times asked for extending the due dates in order resume the construction of the factories, he added. These factories, which fall under the small and medium enterprises category, will be specialized in food, engineering and furniture industries. The average investment cost of each project is EGP 7 million. Lowering the value of letters of guarantee of these lands to be EGP 15-30 per meter will boost the establishment process of these factories.