27 August 2012

Egypt: Hatem Saleh Decreases Letters of Guarantee On Industrial Land

Minister of Industry and Foreign Trade Hatem Saleh decided to cut down the value of the credit letters on industrial lands to range between EGP15-30 per meter, for areas less than 1,000 meters, while the value increases from EGP30 to 50 per meter for areas bigger than 1,000 meters.

He also decided to unify the letters of guarantee on the lands of industrial investors in Upper Egypt and Sinai, to range between EGP15-30 per meter, regardless of the sum of the area of land.

Saleh said the ministry plans to achieve a 20 percent increase in exports value to hit about 160 billion pounds this year.

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