Recent reports reveal that the Egyptian government is seeking investments from abroad for numerous local projects with notable profit potential, according to South China Morning Post.
Various attractive tax incentives, including a 99-year tax exemption, and opportunities to build on the BOT system, are currently being offered to investors on a wide range of projects.
The projects include development in the fields of oil, gas and electricity, as well as opportunities in pharmaceutical ventures, communication and IT, and drinking, wastewater and drainage projects.
In addition, the Ministry of Transportation has already designated numerous specific projects for which foreign capital is being sought. So far, three of these projects have been privatized.
The largest of the ten projects, a highway connecting Marsa-Alam and Ain-Sukhna, requires an estimated 3.52 billion Egyptian pounds ($892.8 million).
The government is currently reviewing bids for the EP 1.56 billion Cairo-Alexandria Matrouh road, and for the Cairo-Ismailia-Port Said road, valued at EP 540 million.
Investments for the Cairo-Alexandria highway and the Dairout-Al Faraffr highway, valued at EP 720 million and EP 1.05 billion, respectively, are also being sought.
An estimated EP 350 million is required to expand the Abu Simbel Airport, which hopes to increase passenger traffic to 1,500 passengers an hour. Also, the Sokhna airport, located on the Red Sea coast and serves free trade zones and industrial areas, is seeking foreign capital.
Likewise, the establishment of a 29-kilometer, 31-station underground metro train will also require foreign investment, according to the Ministry of Transportation. –(MENA Report)
© 2001 Mena Report (www.menareport.com)
