FINANCIAL NEWS

Egypt to launch 21 new investment free zones

24 May 2010

(MENAFN) Egyptian Minister of Investment Mahmoud Mohieddin stated that Cairo is planning to launch 21 new investment free zones in the coming period, Reuters reported.

The minister said in his address to a conference on investment zones in Egypt that the country has 12 such zones involving investments of up to $13 billion and employing 344,000 workers.

Mohieddin also added that the ministry is planning to launch a fund for promoting investment and backing up the small and medium enterprises (SMEs).

The conference is being organized by the Egyptian Ministry of Investment in cooperation with the International Financial Institutions (IFIs) program of the World Bank.

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