IDA launched $513m-new factories during 2016: Egypt’s Qabil

Egyptian Industrial Development Authority (IDA) inaugurated 605 new factories during 2016 with investments estimated at 9.3 billion Egyptian pounds (US$513 million), state’s Trade Minister stated Thursday.

Tarek Qabil said that the production of the new factories worth 27.7 billion pounds as they provide 21,000 job opportunities.

The IDA granted 653 operation licences, 393 building licences, and 60 temporary licences during 2016, the minister noted, adding that the authority granted new cement licences that worth 481 million pounds for three firms.