Egypt approves $216.5 mln in industrial projects to create 15,000 jobs
The decision came during the 27th meeting of the group, chaired by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir, and attended by several cabinet members and heads of industrial agencies.
The approved projects include a $108 million PVC board and flooring manufacturing plant in the New Alamein Industrial Zone, which is expected to create 2,150 jobs. The project introduces a new industry to Egypt and is seen as key to meeting local market demand.
They also include a $30 million ready-made garments factory in New Beni Suef City, projected to provide 9,000 jobs and contribute to the country’s efforts to expand labour-intensive manufacturing in Upper Egypt.
Moreover, a $78.5 million textile manufacturing facility is anticipated to be established in 10th of Ramadan City, creating 4,000 jobs and supporting Egypt’s drive to strengthen its competitiveness in textile exports.
“These projects reflect our commitment to fast-tracking industrial development, boosting employment, and supporting sectors with high growth potential,” said El-Wazir. He noted that the group will continue to prioritise projects that fall within national economic priorities, especially those that are labour-intensive, low in energy consumption, and have strong export potential.
The minister emphasised the importance of streamlining licensing through a one-stop shop model and activating the General Authority for Industrial Development as the sole licensing entity, thereby reducing bureaucracy and accelerating project execution.
The approval aligns with Egypt’s broader strategy to attract industrial investment to regions with high labor availability, such as Minya, Beni Suef, and Fayoum, and to support the localization of industries that enhance the country’s production capacity and trade balance.
The Egyptian government is currently ramping its efforts to attract more of investments into the Egyptian market and to raise the share of the private sector in the national economic activity, especially with the fifth and sixth reviews of the Extended Fund Facility (EFF) programme, financed by the International Monetary Fund (IMF), are expected to start in September and to be completed before the end of 2025.