Egypt’s Govt Withdraws From “Technology Valley” Venture

Reliable governmental sources revealed to “Amwal Al Ghad” that the Industrial Development Authority (IDA) decided to completely withdraw from the venture of “Technology Valley”, and not to contribute with land or fund; violating the decision issued by Kamal El Ganzouri, Former Egyptian Premier, in March 2012. The decision provided that the state becomes a partner in “Technology Valley”, represented by (IDA).

On the other hand, the sources have confirmed that the authority is preparing to participate in the venture as a governmental authority committed to issuing construction and operation licenses necessary for the investments that expected to enter into the venture, and may reach EGP 1 billion, according to the initial estimations of the first phase. The first phase includes building 10 factories in the zone.

For his part, the Egyptian scientist, Dr Mahmoud El Sherif, who delegated by the government and investors to prepare the feasibility studies, said since changing the chairmen of IDA and Al Awqaf Authority, he is facing troubles in getting the licenses necessary for constructing the first phase; condemning the polices of the governmental authorities, which he described as bureaucracy.

He thinks that the withdrawal of the Industrial Development Authority from the venture has a negative influence on the foreign investors’ trust, but it wouldn’t be an obstacle in getting the administrative facilities. He unveiled that there are serious negotiations with the coordinator of Suez Canal Axis, Waleed Abdel Ghafar, to resolve this problem.