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 Within the framework of the Industrial Development Authority's (IDA) policy to encourage and facilitate industrial investment and bolster cooperation with the International Finance Corporation (IFC), a memorandum of understanding (MOU) was signed by IDA Chairman, Eng. Amr Assal with IFC Operations Manager, Frank Seder.
This MOU will be valid for 15 months, starting from April 2008 till the end of June 2009. According to this MOU, IDA will get a financial support estimated at about LE1.2 million, aiming at generalizing procedural simplification of issuing industrial licenses nationwide. The new MOU will also boost IDA's efforts to include new facilities of managerial operations in the newly-drafted unified law of industry. IFC will offer consultation to IDA on the best practices in order to combine both its organizational and promotional roles in the scope of industrial investment.
The action plan, related to this MOU, will be finalized within 8 weeks starting from the agreement implementation. IFC will hold meetings with IDA's competent departments to unify vision and aims of reform.
The 1st stage of this agreement will include workshops to be held with officials of both IDA and the General Authority for Investment and Free Zones (GAFI) to agree on the procedures of granting industrial licenses at the Investment Services Complex in Cairo, before generalizing these procedures. IFC will also organize workshops with governorates and the private sector entities in this regard.
Assal assured that IFC will study the necessary plan of human resources for achieving decentralization in respect of issuing industrial licenses, saving time and ensuring efficiency of IDA's performance follow-up and appraisal systems.
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