The Egyptian government is to start resuming its cement licensing programme to attract investment, particularly foreign interest, according to an official at the Ministry of Finance.
Reports in the Daily News, Egypt, state that the source noted that the “economic group of ministers prepared a plan to offer new cement licenses. The plan is the same prepared by the Industrial Development Authority (IDA) which was never implemented. The source estimated that the plan aims to yield EGP400m in revenue, a value that could increase once the licensing committee begins its work.
The IDA will implement the plan on behalf of the Ministry of Trade and Industry. Projects and their estimated energy consumption will be proposed to the Supreme Energy Council for its approval. The step is necessary because the country is currently experiencing an energy crisis. The source added that a number of international auctions will take place to gauge confidence in the Egyptian economy.
