Aswan Investors Seek Forming Board of Trustee in Upper Egypt

Sutohey Moustafa, chairman of Aswan Investors Association, said governorates in Upper Egypt should benefit from the investment incentives which the ministry set to support the industrial development there. He suggested forming board of trustees in Upper Egypt, and to be an affiliate of ministry of industry, in order to solve the investors’ problems.

Moustafa added that he submitted an urgent memorandum to the ministry of industry and foreign trade that includes those proposals. He referred that investors in Upper Egypt sometimes suffer from the high cost of investment and diminishing the financial possibilities, as the banks refuse to fund the investment in Upper Egypt. This emerged the repeated demands of canceling the solvency which Industrial Development Authority gets on lands, as well canceling the condition of building ratio of the total land area which the investor gets to build the factory.

The industrial zones’ problems in Upper Egypt are the low fund, infrastructure and utilities, even the former regime’s cabinets spent on the utilities in Upper Egypt more than EGP 12 billion.