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Egypt’s GV Developments plans to close deals for 1,000 factories in Tarboul Industrial City, located in Giza Governorate, in the first quarter of 2023.
Sherif Hammouda, Chairman of GV Group said the factories form part of the master plan’s first phase, which extends over about 40 million square metres (sqm), and includes food manufacturing units, housing units and a factory waste recycling project.
He said the company will deliver 350 factories in 2023 to investors.
Tarboul Industrial City is being developed over an area of 109 million sqm, and includes 12 industrial areas, a commercial area, a residential area, and a hotel.
Hammouda said the company has also signed an agreement with Export Development Bank of Egypt (EBank) to provide financing to small and medium enterprises (SME) and to traders for buying units within the food market project.
EBank’s Chairman Ahmed Galal said the bank will provide up to 10 million Egyptian pounds ($329,275) to investors with repayment periods up to 10 years and a grace period of one year.
“The bank aims to finance all industries that will help the country achieve self-sufficiency and export as 65 percent of the bank's customers are exporters,” he said.
He said EBank will support industrial investors who fulfil the conditions of the Central Bank's initiative to support small projects by financing up to 100 percent of the unit’s value, machinery and raw materials. Additionally, the Bank will also bear the insurance expenses for construction.
Hammouda said similar agreements for financing would be signed with two banks soon.
He also disclosed that preparations are underway to establish a complex for building materials, and a manufacturing plant for automotive batteries and accessories by a Korean company.
(1 US Dollar = 30.37 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
