90 investors granted $260mn-expansion licences in May – Egypt’s minister

Egyptian Industrial Development Authority (IDA) granted approvals for 90 investors to expand their industrial projects with investments worth 2.3 billion Egyptian pounds (US$260.6 million) in May 2016.

Trade and industrial minister Tarek Qabil said Saturday that IDA’s report showed that 70 investors were given approvals with investments of 4.5 billion pounds in May 2015.

The report discussed  indices of industrial sector during May 2016 in comparison to the same period of 2015.

The minister clarified that 123 projects were given immediate and initial-conditioned  approvals in May 2016 divided upon seven sectors; chemical industries (66 approvals), engineering industries (24 approvals), food industries (14 approvals), textiles (10 approvals), metallurgical industries (6 approvals), mineral industries (two approvals), and one approval for other transformational industries.