World Bank agrees to establish first land bank in Egypt – Minister

Egypt and World Bank Group have agreed to establish the first land bank in the North African country, minister of investment Ashraf Salman announced Tuesday.

Salman added in a speech at a lunch banquet sponsored by the American Chamber of Commerce that ministry of investment has coordinated with other ministries to work on the land allocation process  by using the single window system.

The state General Authority for investment (GAFI) would be responsible for the land allocation for projects, the minister said.

By selling lands to Egyptian abroad in foreign currencies, the government is aiming to achieve revenues of US$2 billion during the current fiscal year.

Moreover, the government is seeking to allure foreign direct investments (FDI) of US$10 billion during the current fiscal year 2015-2016.