Egypt grants five ‘golden licences’ for $329m projects

Reuters/Amr Abdallah Dalsh

Egypt has issued golden licences to five projects with a total investment of EGP10.2 billion ($329.34 million).

The first project is a 78,000 square metre recycling factory for alternative fuel and fibre, which will be built by Enviro Process in Minya at the cost of EGP73.5 million.

Fayoum Company for Storage and Warehouses will build, design, and manage strategic warehouses in the northern Upper Egypt governorate for EGP1.34 billion, Ahram Online news outlet reported citing a cabinet statement.

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Genfax Egypt will build the third project in Suez for $150 million in investments. The factory will produce medicines, serums, and vaccines.

The fourth project is a 220,000 sq m kitchen appliance and machine factory from Media Electric, which will be built in Menoufiya’s Sadat City for $105 million.

The fifth project is a packaging plant to be built by BILM and Africa in Ismailia for EGP 885 million.

According to Egyptian law, the golden licenses, created in 2017, can be granted to companies that are incorporated to set up strategic or national projects that contribute to the achievement of sustainable development.

Sectors include the electricity and renewable energy sectors, transport, industrial, health, communications, housing and utilities, tourism and defence. 

Egypt has been courting international investment and pursuing deregulation of its private sector for years.

Egypt’s Prime Minister Mostafa Madbouly in May outlined a plan to sell an expanded raft of state assets to private investors to attract $40 billion in investment over the next four years.