Egypt to allocate $179.2mn to utilise industrial lands in FY2020 – sources

Egypt’s Industry and Trade Ministry plans to allocate 3 billion Egyptian pounds ($179.2 million) to utilise a bunch of industrial land plots within the financial year 2019/2020, according to governmental sources.

“Our plan mainly focuses on executing utilities works of some industrial zones in Sinai and Upper Egyptian governorates, besides launching more industrial lands for investors,” the sources told Amwal Al Ghad on Monday.

In addition, the ministry is looking to launch new land plots on a space of more than 60 million square metres until 2020.

The ministry also launched over 28 million square metres in 2017 and 2018, as part of the government’s endeavors to increase the local industrial production to 8 percent and the industrial value added to 21 percent by 2020.