The Industrial Development Authority (IDA) approved 153 projects worth EGP 2.6bn in October, according to a recent IDA report. It has been increasingly granting approvals since only 113 projects worth EGP 581 were granted approvals in October 2014.
Minister of Trade and Industry Tarek Qabil said the authority’s positive indicators reflects the confidence of local and foreign investors in the Egyptian industry sector to utilise the government’s facilities currently provided.
The new projects will provide 4,568 jobs, compared to the 2,634 jobs provided in October 2014, boosting a 35% growth.
Projects are included in eight different sectors, where the food industry came in the lead with 53 projects, followed by the engineering sector with 33 projects, basic chemical projects came in third with 27 projects, spinning and weaving fourth with 15 projects, and mining came fifth with eight projects. Seven metal projects have been granted approvals, as well as three pharmaceutical projects and three miscellaneous projects.
Qabil said the ministry encourages serious investors and provide all facilities for them while taking action against the not so serious ones. He said six projects were cancelled, two of which are in Assiut and another two in Sohag, one in Qena and Sadat City each. Another three investors have been granted grace periods to prove their commitment.