Egypt to create 12 investment zones – Minister
Egyptian Minister of Investments and International Cooperation Sahar Nasr has announced a government plan to establish about 12 investment zones in the North African nation.
According to the minister, the 12 investment zones will attract investments worth LE78 billion and create 500,000 direct and indirect jobs.
The minister made the announcement at the signing of a protocol between the General Authority for Investment and Free Zones (GAFI) and the National Bank of Egypt, aimed at boosting cooperation between the two institutions in developing Small and medium-sized enterprises (SME).
The protocol will introduce a package of services including finance, and consultancy.
The government also plans to establish seven free zones, which are expected to create around 120,000 jobs in Minya, South Sinai, New Ismailia, Aswan, Kafr el Sheikh and other places.
Earlier this year, Egypt announced a plan to develop 22 specialized industrial zones for SMEs.
According to London-based The Arab Weekly newspaper, there are more than 121 industrial zones in Egypt, which all face major hurdles for investment. They also suffer from a lack of visibility and poor information for investors, despite the creation of a unified industrial investment map, the newspaper reported.