Ismail El-Nagdy, head of Industrial Development Authority (IDA), said there is a fierce competition over financing 11 factories in the Technology Valley in Ismailia City with investment of EGP 1.3 billion as National Bank of Egypt and Industrial Development and Workers Bank of Egypt entered the competition. El-Nagdy said the Islamic endowments (Awqaf) agency, Qatari and Saudi investors, National Bank of Egypt and Industrial Development and Workers Bank of Egypt are competing over providing the finance. IDA has taken all the procedures needed for the establishment of these factories and is now establishing a 650-MW solar power generator to provide electricity for the factories. IDA will soon announce the body which will provide the finance and the mechanisms of financing the project of using white sand in manufacturing solar cells and water desalination. It is worth mentioning that white sand is exported at $20 per ton and after manufactured it costs between $100 and $200 per ton. When transferred to silicon, white sand stood at $10,000 per ton.
