The Egyptian presidency denied media reports about the delay of establishing the 1,000-factory project in New Cairo, Al-Bawaba News reported Monday. "Some parties fight this project because it conflicts with their personal interests," a presidential sources revealed. The project, located in the third district in New Cairo, was submitted by Dr. Abla Abdel Latif, head of Egypt's Economic Development Council to President Abdel Fattah Al-Sisi in February, and was dedicated to small and micro industries, he said. The source explained that the state has allocated the land for investors to build 1,000 factory 10 years ago without providing the basic infrastructure. He asserted that the government has finished providing electricity to 95% of the factories. Moreover, the minister of housing pledged extending electricity to neighboring areas in anticipation for future expansion of the project. The project includes: 339 factories which have been already built, 446 factories under construction and to be completed in two weeks, and 54 licensed factories are currently working. The main roads linking the project with the city have been completed, while the internal road network is under construction. The presidential source said the Social Fund for Development provides financial aids to the factories, as well as soft loans to the factories facing some financial problems. The project is expected to provide 50,000 job opportunities in different fields including clothing, knitwear, lanterns, fire extinguishers, etc.
