SCIA: Investment Costs Of Factories Under Construction Post EGP 2.6 Bln

The Sadat City Investors Association (SCIA) announced there are 44 factories under-construction with costs of EGP 2.6 billion, providing more than 7,000 job opportunities.

Dr. Sherif El-Gabaly, chairman of SCIA, told Amwal Al Ghad that there is a need for a finance or an operating capital in order to resume the construction of these factories that is specialized in food, metallurgical, chemical and engineering industries.

In addition, there some problems with the state’s administrative bodies, adding to the reasons behind the delay in the construction of these factories, he added.

Besides, the current instability and the economy’s unclear future have raised investors’ fears about the Egyptian market. Therefore, some investors decided to delay their investments till the recovery of economy, El-Gabaly concluded.

It is worth mentioning that the Sadat City Investors Association had earlier reached an initial agreement with the National Bank of Egypt to restructure the debts of 40 delinquent factories in the industrial area.