The General Authority for Investment and Free Zones (GAFI) approved new facilities for investors who purchased the statements of work of the 107 industrial services units in Mit Ghamr investment zone. In a meeting held on Monday, chaired by Egypt's Minister of Investment and International Cooperation Sahar Nasr, GAFI approved the new facilities for the sake of improving and developing investors' businesses in the zone. The new facilities give a six-month grace period for all projects to pay their dues, and introduce a 10 percent annual increase on leasing for a maximum of three years. The increases percentage will be determined according to the annual inflation percentage announced by the Central Bank of Egypt. GAFI also decided to open reservations in the textile, timber, and engineering industries, as well as other supplement industry units as of Monday through the website www.investinegypt.gov.eg. The new facilities aim at attracting more investments to Mit Ghamr investment zone, focusing on metal and aluminum, textile, timber, textile, and small and medium-sized projects as a part of the investment ministry's plan that targets improving and establishment investment zones, which are key on the government's agenda, said Nasr. Minister Nasr added that the investment zones were established in accordance with the integrated development system which is easing the procedures of new projects. GAFI has offered 107 specialised industrial units for investment purposes in September in various places. Licences and approvals are issued by the authority. Source: Ahram Online
