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IDA injects EGP 5.1bn in Egypt’s industrial zones - IDA chairman

IDA injects EGP 5.1bn in Egypt’s industrial zones - IDA chairman
IDA injects EGP 5.1bn in Egypt’s industrial zones

By: Abdullah Bedier

Cairo – Mubasher: Egypt’s Industrial Development Authority (IDA) pumped investment worth EGP 5.1 billion into the country’s industrial zones’ infrastructures through investments fund, chairman Ahmed Abdel Razek said.

The IDA is planning to offer investors 60 million metres of lands until 2020, Abdel Razek added during the Intelligent Cities Exhibition and Conference 2017 (ICEC).

The chairman noted that about 25 million meters of industrial lands have been offered now.

Egypt’s trade ministry Tarek Kabil has displayed earlier this week the significant indicators of industrial development in the last 18 months.

These indicators included opening 1,841 new factories, granting 1,407 approvals of new expansions, and accepting 3,536 requests for new projects.  

Kabil had previously announced that Egypt’s trade deficit fell 37% to $20.133 billion in the first eight months of 2017 from $ 32.036 billion.

 

Translated by: Mai Ezz El-Din