Damietta Incidents Have Negative Impact On Investments - Ministers

Three ministers warned Wednesday 16/11/2011 of the negative impact of the closure of a fertilizer factory in the Mediterranean city of Damietta on investments.

The Damietta saga started during Eidul-Adha when hundreds of people protesting against the construction of a fertilizer plant staged a sit-in, shutting down the city's harbor in the process.

Shipping and unloading was halted at Damietta Port as residents besieged the location and prevented workers from entering the port.

Environment Minister Maged George told reporters that the plant met environmental and safety standards.

Prime Minister Essam Sharaf has formed a scientific committee to inspect the situation on the ground, the minister said.

Transport Minister Ali Zein el-Abideen said that the Damietta incidents inflicted heavy losses on the national economy.

The transport sector is losing LE35 million daily, mostly due to the shutdown of the Damietta port.

Industry and Foreign Trade Minister Mahmoud Eissa warned that the incidents are damaging Egypt's investment reputation, saying that Egypt is expected to pay huge compensations to foreign companies if they opted to file complaints against the Egyptian government.