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Chairman of the Industrial Development Authority (IDA), declared that new facilitations will be set for issuing the
gruantee letters in order to decrease the banking fees burden. One of these facilitations is to grant the
gruantee letters for one of the companies' contributors or partners instead of the project's owner only and to reconsider the period of the letter's validity.
This came within his meeting with the committee of
Transportation and Energy in the Egyptian Union for
Investors Associations headed by Eng. Mohamed Al Said
and IDA Chairman in Monday 11-5-2009. IDA Chairman agreed on the union's suggestion about setting some modification on the
gruantee letters such as the possibility to get four renewable
gruantee letters. The first letter can be recovered when obtaining the building license, the second at establishing the foundations on an area not less than 40%. The third one will be recovered after completing the building and the last, when the factory begins.
IDA Chairman also promised to negotiate with the Central Bank of Egypt and will discuss the possibility to issue the
gruantee letter to IDA from Banks through three months and to be renewed automatically.
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