Egypt accelerates decisions and revision process, industrial plans

In implementation of directives by President Hosni Mubarak on industry modernisation, Ali A1 Saeidy the Minister of Industry and Technological Development said a decision was taken on amending industry modernisation plan for the next fiscal year 2002-2003 in order to accelerate the rates of implementation.

The Minister of Industry said the consultative council for industry has assigned modernisation center to make the amendment and to submit the new plan within 14 days in preparation for endorsing it by industry modernization council.

He said four centers for providing industrial services in Cairo, Alexandria, the Tenth of Ramadan and October 6th cities will be set up in the framework of an all out plan for establishing twenty centres in the various parts of Egypt.

He said preparations are underway for the establishment of a fund for financing modernisation process in parallel with industry and modernisation.

This program will provide soft term loans to factories to finance modernization process.

He said a number of foreign quarters agreed in principle to offer soft term financing for this purpose.