Government sets aside EGP 400m for industrial zone development

Government sets aside EGP 400m for industrial zone development

Minister of Finance Ahmed Galal  (Photo from Centre for International Governance Innovation website)

Minister of Finance Ahmed Galal
(Photo from Centre for International Governance Innovation website)

Minister of Finance Ahmed Galal announced that EGP 400m will be acquired from industrial development budget for the fiscal year 2013/2014 to build infrastructure in industrial zones, according to a statement issued by the ministry.

The ministry added that location of the developed zones will be according to the industrial development map, which is currently being prepared by the Ministry of Industry and Foreign trade.

This budget plan was discussed during a meeting held by the Minister of Finance with Mounir Fakhry Abdel-Nour, Minister of Industry and Foreign Trade; Adel Labib, Minister of  State for Local Development and Mahmoud Garf, the head of the Industrial Development Association (IDA).

According to the statement, the priority of development will be provided to the areas closest to the population density in order to create new job opportunities in nearby areas.

Galal stated that this comes as part of the government’s policy to revive the economy and attract domestic and foreign investments. He added that the upcoming period will witness several steps in the industrial sectors such as the current price assessment of over 2 million sqm of land which will be supplied to investors who are interested in doing business in Egypt.

In a press conference last month, Galal said the objectives of the economic team in the current cabinet are to jumpstart the economy, impose financial discipline and achieve social justice.

“Our goals are to deal with immediate challenges and prepare the ground for the new government,” he said.

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