Cairo – Mubasher: Investments in the Upper Egypt governorate of Sohag, including the small- and medium-sized enterprises (SMEs) sector, exceeded EGP 10 billion over the last two years, according to Sohag Investors Association.
Mining industries, cement, steel, and textiles have seen a growing investment demand in the governorate, head of Sohag Investors Association Mahmoud el-Shandaweely said.
There are more than 600 requests for land allocation in the governorate, while the Industrial Development Authority (IDA) approved only 60 of them, Egypt Today reported, citing El Shandaweely as saying.
The top official highlighted that upgrading Upper Egypt's roads spurs development in the area.
Around 30% of small factories and companies are financially distressed and in a dire need of funding to resume their operation, el-Shandaweely noted, adding that companies and factories are facing difficulties in marketing their products and obtaining work permits.
The government is at pains to boost the development of Upper Egypt. To this end, the Sherif Ismail-led cabinet approved a draft law in February to set up an authority for Upper Egypt Development, which will be located in Aswan governorate.
Government’s investments in northern Upper Egypt amounted to EGP 6.92 billion during the current fiscal year 2017/18, making up 3.6% of total investments.
