The new budget for the 2014/2015 fiscal year (FY) includes allocations amounting to EGP 400m for infrastructure in industrial areas, according to Ismail Gaber, chairman of the Industrial Development Authority.
According to the financial statement for FY 2014/2015, the government allotted EGP 400m for facilities under the name “industrial production subsidy” compared to EGP 3bn in the revised budget for the 2013/2014 fiscal year.
“The government has allocated EGP 400m to the Facilities Fund of the Industrial Development Authority, although last year this amount was increased to EGP 3bn within the economic stimulus plan announced by the government and funded by a foreign grant,” said Gaber.
Gaber said that the authority paid approximately EGP 1.56bn from the allocated amount in last year’s budget and hoped that the rest of the EGP 3bn would go to the new budget in order to complete the infrastructure for 35 industrial areas in 22 governorates.
“We will work to increase this allocation in the next phase if additional aid or resources are available to the government,” said Gaber.
According to the financial statement, subsidies for infrastructure development in industrial areas for FY 2010/2011 amounted to EGP 300m, EGP 75m in FY 2011/2012, and EGP 241m in FY 2012-2013.