Eng. Ismail Abdel Moneim Najdi
Within the framework of activating the Government’s policy set to encourage investments during the exceptional period the country is passing, IDA Board of Directors had approved many important decisions during its first meeting held on 19/6/2011 after the reconstitution of the Board of Directors, headed by Eng. Ismail Nagdi.
These decisions include the reduction of the guarantee letters value concerning the small land areas to be as the following:
- L.E50 for each m2 instead of L.E100 for areas less than 1000 m2.
- L.E70 for each m2 instead of L.E100 for areas more than 1000 m2.
This will be applied to all industrial zones in Delta region. It is worth mentioning that the value of each m2 in Upper Egypt’s industrial zones is L.E50 , which will be applied to all areas.
Moreover, IDA board of directors agreed on extending the free grace period till 30/9/2011 to ensure the seriousness of all industrial projects being established in all industrial zones. In addition the Board agreed on stopping the partial liquidating of guarantee letters in case of ensuring the investor’s seriousness within the project’s implementation period.
On the other hand, IDA board of directors approved on allocating the private tender’s lands offered in phase four on an area of one million m2 in 15 industrial cities that include 980 projects with investment costs of L.E2 billion.
The coming period will witness the first announcement of offering lands in 8 industrial cities including, 6th of October, AL Obour, New Cairo,
15th of May, 10th of Ramadan, Badr, Demeitta & New Assiut. Offering lands in other cities will be announced after approving the committee’s schedule by IDA Chairman.
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