Egypt’s IDA grants 69 expansion approvals worth $613mn in February

Egyptian Industrial Development Authority (IDA) granted expansion approvals for 69 projects in February 2016 with investment cost of 4.8 billion Egyptian pounds (US$612.9 million) versus 1.1 billion pounds a year earlier.

Minister of Trade and Industry Tarek Qabil stated Saturday that 89 projects have obtained immediate and initial conditioned approvals in February 2016 opposed to 121 approvals in February 2015.

Those approvals are divided upon 6 industrial sectors; chemical industries sector was at the top with 35 immediate and initial approvals followed by engineering industries that got 25 approvals.

Food industries sector was granted 13 approvals to be at the third place while textile industries sector received 11 approvals then metallurgical industries that got 3 approvals. Additionally, one approval was granted for mineral industry and another was granted for other manufacturing industries.

 Qabil asserted that the ministry provides all facilities for the movement of industrial investment to achieve the maximum benefit from success potentials in Egypt’s investment environment.