New financial and administrative advantages to attract investors
Egypt, Economics, 9/23/2000

Mohamed El-Ghamrawi, head of the General Authority for Investment in Egypt, declared in a press speech published in the daily Al-Ahram today that there are new financial and administrative advantages reviewed now to attract more investors. He added that there are new investment projects in the fields of Information Technology and petrochemicals with a value of two milliard dollars.

He also asserted that the coming period will witness cooperation with an international company to train and prepare a new generation of young businessmen. He announced as well that the Suez Gulf Port will be inaugurated after two months with new opportunities for investment in the area.

El-Ghamrawi admitted that there are financial problems hindering small projects and therefore there is a proposal recommending the participation of the Industrial Development Bank, besides the Social Fund for Development, in financing these projects especially those set up in the industrial zones of the governorates. He also pointed out that this bank is financed through foreign aids and loans as well as state funds.

El-Ghamrawi also called for assigning the supervision of these industrial zones to a separate authority instead of the administrations of the governorates which proved inefficient. He moreover cited the General Authority for Investment as an example as it supervises the free zones efficiently. The General Authority provides the land and equip it with installations of electricity, water, sewerage, industrial security and medical insurance.

Concerning the situation of foreign investment in Egypt now, El-Ghamrawi stated that there are new projects in the fields of petrochemicals, Information Technology, tiny circuits, electricity and airports with a value of milliards presented by international American and foreign companies as well as Saudi and English investors.

El-Ghamrawi asserted as well that a study is being conducted now to grant financial and administrative facilities for investors and unify the authority which deals with them on the national level. In the meantime, he noted that compared with other countries in the region, Egypt has the least bureaucratic obstacles and the most favorable climate for investment. He added that the point is that each project must be crystallized completely on the financial and technical levels so as to ensure its success.

Meanwhile, he announced that a program is being designed now with an international company to raise the awareness of young businessmen concerning the method of implementing small projects including the idea, the application, the feasibility study and marketing through which complete technical information and best marketing ways will be presented to them.

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