Egypt’s industrial land allocations soar by 40% in FY ’23-24

Egypt’s Industrial Development Authority (IDA) announced on Sunday a 40 per cent growth in total land allocated to the industrial sector during the 2023/2024 fiscal year compared to the previous year.

IDA provides incentives including lower prices, eliminated bidding fees, and a discounted booking deposit to expedite the application procedure.Certain criteria, such as a bank guarantee, a credit inquiry letter, and evidence of financial soundness, were also waived. It also restricted the comprehensive analysis to a brief synopsis of the project’s primary characteristics.

The Ministry of Trade and Industry has established 16 industrial complexes in 15 governorates. These complexes offer 4,808 fully equipped industrial units for entrepreneurs and investors. Notably, 63 per cent of these units are located in Upper Egypt governorates to promote regional development.

The authority has expanded its accreditation offices to 14 and established an expertise house for industrial licensing services to cover all governorates and provide easier access to investors for quick industrial licensing.

The report added that Alexandria Business Association is dedicated to promoting industrial investment and supporting small investors. With a finance portfolio of 5.5 billion pounds, it provides funding to start-ups and has 120 branches in 19 regions.