The Industrial Development Authority (IDA) spent EGP 1.5bn of the EGP 3bn allocated to develop industrial zones. These funds are part of the first economic stimulus plan launched by the government, valued at EGP 29.7bn and scheduled to be completed before to end of the current fiscal year in June. An official source from the authority, who requested to remain anonymous, said[s1] Sunday that he expects that the governorates will be unable to complete the agreed work to develop the land. The IDA signed protocols with 22 governorates to develop 36 industrial areas of in total 30m square metres of land and prepare it for investment. The authority tasked the projects agency of the Ministry of Industry, Trade and Investment to oversee the implementation timetables. The source said that the timetable for completing the development was not sufficient, as auctions are being held to award the rights to develop the lands to companies as stipulated by government regulations.[s2] He pointed out that the authority is currently monitoring the implementation pace and the awarding of projects to companies to determine the period of time that the governorates require to complete the development. It may discuss with the ministries of Planning and Finance the possibility to extend the set time limit or to allocate these funds for the same purpose in next year's budget. By developing industrial areas, the authority aims to provide developed industrial land for investors. The Urban Accommodations Authority (UAA) is expected to allocate 1,692 plots of land to industrial investors, according to a joint protocol with the IDA. This would provide the UAA with more than 7,000 investors. The IDA has issued its technical approval for these investments. The UAA plans to adopt the usufruct system in the allocation of industrial land. However, it is waiting for the presidency to amend a law in this regard.
