64 investors got $225m-expansion licences in September- Egypt’s minister

Around 64 investors got approvals to expand their industrial facilities with investments worth 2 billion Egyptian pounds (US$225 million) in September 2016, Egyptian Industry Minister announced.

Minister Tarek Qabil said Thursday that 51 investors were granted expansionary licences in September 2015, with investments cost estimated at 3 billion pounds.

According to the report released by state’s Industrial Development Authority (IDA), 74 projects were given immediate, initial, and conditioned approvals in September 2016 -divided upon 5 industrial sectors- opposed to 127 approvals in September 2015, the minister clarified.

Egypt’s chemical industries sector got 39 immediate, initial, and conditioned approvals followed by engineering industries sector that was given 17 approvals and food industries with eight approvals.