Egyptian Cabinet approves new controls to support industrial sector

The Egyptian Cabinet has approved general controls that allow the Industrial Development Authority (IDA) to cancel, reduce delay fines, or apply a settlement for mechanism industrial and projects developers, according a Cabinet statement on January 25th .

The state has taken these measures to help developers and investors in the industrial sector overcome any obstacles beyond their capabilities that may impact the timeframe of projects implementation.

The trade and industry ministry also suggested that projects delayed due to the Covid-19 pandemic would be exempted from fines for 4.5 months, while a six-month grace period will be granted to projects delayed due to the economic challenges.