Cairo – Mubasher: Egypt’s cabinet has approved a proposal for selling industrial land plots on installments at an annual interest rate of 7%.

The decision, which will remain in effect for three years only, aims to attract more investments to the industrial sector, the cabinet said in a statement on Wednesday.

This step is part of efforts exerted by Egypt’s government to expand in establishing new industrial zones.

The cabinet also approved allocating a land plot to Germany’s Bosch to set up a new factory for home appliances in 10th of Ramadan city.