Egypt's minister of industry and foreign trade Mounir Fakhry Abdel-Nour
The LE400 million allocated for 2013-14 to develop infrastructure in industrial zones in Egypt is to be raised to LE3 billion ($ 428 million).
The additional LE2.6 billion is part of a LE22.3 billion ($3.2bn) economic stimulus, which aims to boost the economy, Minister of Foreign Trade and Industry - Mounir Fakhry Abdel-Nour - said on Tuesday.
Thirty-six under-developed industrial zones, scattered across Egypt's 27 governorates, stand to benefit from these funds. Abdel-Nour estimates that 3000 new factories will be built in these industrial cities.
The government's optimistic plan includes the construction of 22 industrial clusters across a variety of industries, including food, construction, textiles, electronics and chemical sectors.
In the first press conference following his appointment, Abdel-Nour, originally a businessman, revealled his strategy to develop Egyptian industry.
The minister launched a so called "industrial map" for Egypt, which is to supply investors with full data about lands allocated for industry, mining areas, suggested industrial zones and Egypt's natural resources.
"The aim of the map is to present to investors the data needed to make important decisions", says Abdel-Nour.
The new Minister of Industry added that it’s the role of the state to supply industrialists with needed infrastructure.
He revealed that 600 plots of land within the industrial city of the 10th of Ramadan will be offered to investors in the coming days. Another 1092 sections of land, infrastructure included, will be priced and offered to investors in the coming weeks.
Abdel-Nour said the ministry announced its intention to sell this land seven months ago and has received more than 7000 enquiries regarding it.
"The allocation (of the land) will be made by a draw. Investors who require neighbouring land in order to expand will be given priority," says Abdel-Nour.
The minister declared that lands for industrial use should be regarded as a production tool, not capital, referring to the practice of selling key industrial land under Mubarak's government, which resulted in the soaring of land prices.
Several prominent businessmen have been accused of corruption and squandering public funds in the buying of governmental lands at cheap rates during Mubarak's presidency.
The new lands will not be sold to investors but will be allocated as per usage demands.
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