Egypt: IDA to allow cement producers to pay licenses in installments

The Industrial Development Authority (IDA) is allowing the three winners of last week's cement production license auction to pay license fees in annual instalments, Al Mal reports.

A source at the IDA said that the companies will receive their letters of guarantee in full once they begin production and would until then be paid back in tranches of EGP50m as they complete each phase of construction.

Cement Egypt’s CEO Ahmed Abou Hashima (who is also CEO of Egyptian Steel) told Al Mal that his company will begin working on its 2Mta plant in Sohag “before the beginning of the new year.”