IDA grants approvals for 150 new projects in September- Egypt’s minister

Egyptian Industrial Development Authority (IDA) granted licences for 150 new projects with investment cost estimated at 2.2 billion Egyptian pounds (US$247.7million) in September 2016.

State’s Industry Minister Tarek Qabil stated Thursday that the new projects are set to be established inside and outside the industrial zones.

In September 2015, the Egyptian authority gave licences for 189 projects whose investment cost worth 2.3 billion pounds, the minister clarified.

According to IDA’s report, the new projects include eight different industrial sectors; 48 approvals for food industries sector, 42 approvals for engineering industries, 29 approvals for chemical industries, 19 approvals for textiles sector, in addition to 12 approvals for four sectors.

Around 20 governorates seized the approvals granted to the 150 new projects; Sharqia (29 approvals), followed by Cairo (24 approvals), Giza (16 approvals), Alexandria (15 approvals), Monufia (10 approvals), Qalyubia (8 approvals ), Gharbia (6 approvals), Aswan (5 approvals), Dakahlia (4 approvals), Minya (4 approvals),  Kafr El Sheikh (4 approvals), Beheira (3 approvals), Asyut (3 approvals), Qena (3 approvals), Damietta (3 approvals), Port Said (3 approvals).

The report showed that Fayum governorate got two approvals as well as Beni Suef that got two approvals while Suez governorate was granted one approval.

Qabil  noted that during September 2016, investments in industrial sector witnessed an improvement due to the procedures adopted within the last period to encourage industrial investment.

Those procedures target attracting more foreign investments to the industrial field as well as removing all obstacles that face foreign investments, the minister added.

Moreover, the minister Qabil said that ministry has a plan to deepen local manufacturing through applying new mechanisms that encourage production in industrial sectors.