Egypt’s Minister of Trade and Industry Nevine Gamea has announced that the Industrial Development Authority (IDA) began signing final contracts and handing over ready industrial units to investors on Wednesday.
The units being handed over are in seven industrial complexes, which were offered in seven governorates including Gharbeya, Alexandria, Beni Suef, the Red Sea, Sohag, Luxor and Minya.
Gamea said that her ministry is keen on speeding up the implementation of the presidential initiative to support the small and medium sized industries sector.
As part of this, industrial complexes with complete facilities and equipment will be provided to young entrepreneurs to deepen local industrialisation, and raise added value. At the same time, it will provide job opportunities for young people in all governorates.
IDA Head Mohamed El-Zallat said that the first batch of final contracts for 51 industrial units was signed with 23 investors. These units were assigned at the Mahalla Al-Kubra complex in Gharbeya Governorate.
El-Zallat noted that a technical committee from the authority visited the complex to hand over the industrial units to the beneficiaries who completed their papers, to immediately start installing machines and start production.
He added that the authority delivered letters of allocation to investors at seven new industrial complexes last month. This is in preparation for the completion of all papers and procedures necessary to sign contracts and hand over units.
El-Zallat noted that the industrial units allocated in Mahalla El-Kubra fall under the rental system. They include spinning, weaving, ready-to-wear clothes activities, in addition to engineering and chemical industries.
He stated that investors may obtain between one and eight units to accommodate their activity. It has also been decided that investors would issue an industrial register and licence, and start production, within no more than six months from the date of receiving their units.
He explained that the complex is equipped with all equipment and utilities. The authority will provide all facilities and technical support to unit owners and facilitate the issuance of all necessary licences.
He called upon all governorate investors and business leaders to apply for the vacant units in the complex and provide all facilities
In this context, Al-Zallat added that the authority, as part of its endeavour to provide all facilities to project owners, has coordinated and cooperated with the Small and Medium Enterprises Development Authority (MSMEDA).
This is with the aim of providing financing facilities for unit owners to obtain machines, equipment and production requirements to start production immediately. It comes in addition to facilitating finances in terms of obtaining the units themselves in cooperation with a number of banks.
Moreover, there has been a recent decision to postpone rent collection for six months to facilitate all procedures for entrepreneurs.
He revealed that in the coming days, contracts will be signed and the first batch of units will be delivered to investors who have completed their papers in the rest of the complexes.