Parliament approved a law designating the Industrial Development Authority (IDA) an independent body capable of meeting the needs of the industrial sector in Egypt, increasing investment opportunities, and pushing growth indicators to growth during the coming period

The law stipulates that the IDA shall be a public economic entity that is legally independent. It shall also be the body responsible for organising industrial activity in Egypt, and the development and implementation of land development policies for industrial purposes.

“The aim of this law is to make the IDA an independent body capable of meeting the needs of the industrial sector in Egypt, which will increase the investment opportunities and push growth indicators to increase during the coming period,” said Ahmed Samir, chairperson of the industry committee of the House of Representatives.

The financial statement of the Ministry of Finance on the draft budget for the upcoming fiscal year projects a growth of 5.8%.

Samir added that according to the law, the IDA is entitled to execute the necessary contracts, actions, and procedures, and to allocate or reallocate land or property from the state’s property for the purpose of its use in its administrative affairs.

The draft law stipulates that the authority shall have an independent budget. Its accounts, assets, and funds shall be subject to the control of the Central Auditing Organisation and its resources will be deposited in a special account at the Central Bank of Egypt, or any of the banks registered with it, after the approval of the minister of finance. The surplus budget will also be accumulated from one fiscal year to the other.