Egypt seeks to direct returns of selling unexploited lands to pay off debts

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Egypt’s Ministry of Public Business Sector is currently studying the mechanisms of developing and selling a part of the unexploited lands that reached 290 pieces with total area of 19 million meter squares,  Hesham Tawfik  said.

The minister added that the ministry is set to direct a part of the return from selling the lands to repay the owed debts of the subsidiaries  that reached an amount of 38 billion Egyptian pounds  to the National Investment Bank, the oil sector and the electricity sector.

He further noted that that the total net profits of the subsidiaries during the last year amounted to about 11 billion pounds.

On the other hand, the ministry is working on changing the licenses of the lands from the industrial activity to commercial and residential in order to offer them to real estate developers.