Hatem Saleh Decreases Letters Of Guarantee On Industrial Land
Egyptian Minister of Industry and Foreign Trade Hatem Saleh decided this morning to cut down on the value of the letters of guarantee on the industrial lands to range between EGP 15-30 per meter, for areas lesser than 1000 meters, ; while the value raises from EGP 30 to 50 per meter for areas bigger than 1000 meters.
On the sidelines of a press conference in the headquarters on the ministry of industry and foreign trade, the minister decided to unify the letters of guarantee on the lands of industrial investors in Upper Egypt and Sinai, to ranges between EGP 15-30 per meter, regardless the area of land.
Saleh has given time to the slack investors who got industrial lands since long period and did no new investments. The grace period will last to 25 January 2013.
The investors in Upper Egypt have submitted their demands more than one time to the former minister of industry and foreign trade, in order to cut down on the value of the letters of guarantee, and giving them extra time but the former minister didn’t response to their demands.
