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Five new golden licenses + financing and social measures get greenlight from cabinet: The Madbouly Cabinet gave its preliminary approval to grant five new golden licenses, in addition to approving several decisions covering higher education, international financing and health at its weekly meeting last Wednesday, according to a statement.
Who’s getting the golden licenses? The golden licenses will be awarded to projects in the waste management, health and medical, home appliances, packaging and infrastructure industries. The five projects have a combined investment value of more than EGP 10.2 bn and will create some 5k jobs:
- #1-A huge pharma production plant: Local pharma outfit Gennecs plans to invest USD 1 50 mn in its Gennvax factory that will produce medicines, serums and vaccines. The factory, which will be located in the Suez Canal Economic Zone, will produce 300 mn vaccines a year, making it the largest of its kind in the MENA region. It is expected to create between 500-700 jobs. Gennecs General Manager Nibal Dahaba told us more about the project last year.
- #2- A home appliances factory: The local arm of Chinese home appli ances giant Midea Electric will establish a USD 105 mn factory in Sadat City to manufacture home appliances, providing some 3.1k new jobs.
- #3- Fayoum warehouses: Local company Fayoum Company for Storage and Warehouses will receive the license to work on a EGP 1.34 bn p roject to establish new strategic warehouses in Fayoum , providing 600 jobs during construction and 250 jobs at the operational stage.
- #4- A packaging plant in Ismailia: Medical supplies manufacturer BALM & Afric a will invest EGP 885 mn to build a packaging plant in Ismailia, which is expected to create up to 350 jobs.
- #5- A recycling plant in Minya:EnviroProcess will esta blish a EGP 73.5 mn r ecycling plant for alternative fuels and fibers in Minya, creating some 170 jobs.
The golden licenses: Golden licenses fast-track new industrial and infrastructure projects. Also known as “single approval licenses,” they allow investors to require only one approval that covers everything from establishing the project, land allocation and building licensing, through to operation and management.
Also getting the thumbs up from the ministers: Financing from the Korean Export-Import Bank for the manufacture and supply of 40 trains and carriages for the Cairo Metro, a grant from the Spanish Agency for International Cooperation for Development to help overhaul how the agriculture sector uses water, and a preliminary decision to allow a new private university in Al Salam City — the National Private University for Science and Technology.
