Europe / Middle East / Africa
Egypt to resume cement license programme
Jul, 06 2012
(Egypt) -- The Egyptian government is planning to resume its cement licensing programme to attract investment, particularly foreign interest.
This was revealed by an official at the Ministry of Finance. He also pointed out that this was an efficient way to support the use of state resources in light of the current circumstances. The plan aims to yield EGP 400m in revenue, a sum that could increase once the licensing committee begins its work.
The “economic group” of ministers has prepared the plan to offer new cement licenses on the lines of the plan earlier prepared by the Industrial Development Authority, which was never implemented.
The Industrial Development Authority will implement the plan on behalf of the Ministry of Trade and Industry. The estimated energy consumption of the projects will be proposed to the Supreme Energy Council for its approval.
The source added that a number of international auctions will take place to gauge confidence in the Egyptian economy.
By: Rashmi Kalia (ARI-C NEWS)
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