$ 170 m for pharmaceutical industries in South Valley

The General Authority for Investment and Free Zones (GAFI) has approved six new investment project worth $170 million in caital.

GAFI Chairman Mohammad Ghamrawi said the new projects will produce insulin and other medical products at Qaft industrial area in southern Egypt on an area of 23 feddans and a capital of $20 million and investment costs of $80 million.

The US contributes with 52 percent of the venture's capital. The project will provide 700 new jobs. Some 75 percent of production will be exported, he added.