IDA excludes issuing new steel, cement licences amid production surplus

Egypt’s Industrial Development Authority (IDA) excludes the possibility of issuing new steel and cement production licences in the coming period amid production surplus exceeding demand rates.

Sources with knowledge told Amwal Al Ghad that IDA is committed to the recent decision of the cabinet prohibiting offering new licenses in both sectors, noting that the large productive surplus limits the benefits of of issuing new offers and spoils the investors appetite.

However, the Egyptian government announced that it is  looking to generate 620 million Egyptian pounds in revenue from the issuance of new steel and cement production licences in fiscal year 2020/2021