Egypt industry: New govt. measures to support struggling projects

The Egyptian government has introduced new support measures for struggling industrial projects, as announced by Minister Kamel El-Wazir during the Ministry of Industry’s weekly investor meetings.

According to the ministry statement, projects with a building permit that have completed more than 50 per cent of construction will receive a maximum of six months’ extension with full exemption from delay penalties.

Meanwhile, projects with less than 50 per cent completion will be granted up to 12 months’ extension with a 50 per cent penalty exemption. On the other hand, projects which have neither permits nor and construction will be eligible for up to 18 months extension with a 25 per cent penalty exemption.

El-Wazir also addressed the requirements and challenges faced by over 70 investors during a recent meeting and directed efforts to coordinate with various entities, including the Ministries of Petroleum, Environment, Housing, Civil Defense, and governorate offices. Addressing these challenges remains a top priority for the industrial development ministerial group.

Additionally, El-Wazir highlighted plans to coordinate with the Central Bank of Egypt (CBE) to explore new initiatives for financial support and restructuring.

Furthermore, the minister stressed the need to expedite the work of the unified inspection committee, led by the Industrial Development Authority (MTI), to streamline licensing and industrial registration processes and provide effective support for industrial investors.

Attribution: Egyptian Cabinet

Subediting: M. S. Salama