By Islam Zayed
An official in the Ministry of Finance revealed that the government was resuming its cement licensing programme in order to attract investment, especially foreign investment, noting that it is an efficient way to support the use of state resources in light of the current circumstances.
The source noted that the “economic group” of ministers prepared a plan to offer new cement licenses. The plan is the same prepared by the Industrial Development Authority but that was never implemented. The source estimated that the plan aims to yield EGP 400m in revenue, a sum that could increase once the licensing committee begins its work.
The Industrial Development Authority will implement the plan on behalf of the Ministry of Trade and Industry. Projects and their estimated energy consumption will be proposed to the Supreme Energy Council for its approval. The step is necessary because the country is currently experiencing an energy crisis. The source added that a number of international auctions will take place to gauge confidence in the Egyptian economy.