The General Authority for Investment and Free Zones (GAFI) will extend new facilities to investors who earlier purchased the booklets of conditions for 107 specialized industrial units in Mit Ghamr Investment Zone, Dakahlia Governorate, Invest-Gate reports.
The new facilities will provide a six-month grace period for investors to pay all dues and finish their projects, attempting to ease the implementation of such developments. Yet, a 10% annual increase, determined based on the real inflation rate, will be applied to leasing for a maximum of three years, according to an official statement on October 28.
The announcement came during a board meeting, where it has also been voted to open reservations for units specialized in engineering, textiles, timber, and other complementary industries in Mit Ghamr Investment Zone as of October 28 via the website: www.investinegypt.gov.eg.
Previously, GAFI tendered the aforementioned properties, with areas ranging from 144 to 576 square meters per unit, offered fully-finished and supplied with water, electricity, and sanitation utilities. All approvals and licenses have been issued by the authority, pursuant to the provisions of the New Investment Law and its executive regulations.
Minister of Investment and International Cooperation Sahar Nasr noted that the new facilities are aimed at attracting more investments to Mit Ghamr Investment Zone, focusing on various industrial fields as well as small- and medium-sized projects, as a part of the ministry’s plans to develop and establish numerous investment zones, which are key on the state’s agenda.
According to the minister, working in such ventures is propitious for having an integrated development system, where developer are responsible for the development, promotion, and maintenance of the allotted areas, whilst the investment zone’s board of directors shall administer and formulate its action plan to set control standards for these sites.
Nasr stressed that the ministry prioritizes investment in the human capital sectors, especially in education and health, along with pushing the private sector to further invest in such industries.