Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour witnessed the signing of an EGP 16m “cooperation protocol” between the Industrial Development Authority (IDA) and the Luxor governorate to develop the infrastructure of the Al-Bughdady industrial zone, a statement from the ministry said.
Head of IDA Mahmoud El-Garf said that the authority has authorised Luxor governorate to sign off and approve industrial projects that do not require further permission from environment and energy authorities, according to the statement.
The government had allotted EGP 1.5bn in December to continue the infrastructural development of 32 industrial zones in 22 governorates.
These funds are a part of the total EGP 2.6bn that was approved by the Ministry of Finance for developing industrial zones in its economic stimulus plan, in addition to EGP 400m that was set aside for the same purpose in the general budget of 2013/2014 fiscal year.
Abdel Nour stated earlier in December that this money is intended to accelerate development projects and give these zones access to industrial necessities such as roads, electricity, drainage and water in the governorates of Upper Egypt and Nile Delta as well as in the Suez Canal, Sinai and Cairo.
General Tarek Saad El-Din stressed during the signing process that Luxor, due to its proximity to the largest desert in Egypt, qualifies to host investment projects as it has the necessary lands for them.
Abdel Nour also announced that the government is currently coordinating with the United Nations Industrial Development Organisation (UNIDO) to implement two projects for drying agricultural crops – especially fruits and vegetables – for export, and establishing a centre for compiling and packing them.
These initiatives came during Abdel Nour’s visits to the Luxor, Assuit and Sohag governorates to monitor industrial and agricultural projects.
Earlier this month, Abdel Nour formed a technical committee to ensure the standardisation and maintenance of high-quality industrial products.
Egypt has also participated in the signing of an agreement that helps developing countries increase their exports. The agreement was signed during the World Trade Organisation’s 9th ministerial conference in Indonesia’s Bali in December.