Egypt’s General Authority for Investment & Free Zones (GAFI) has reportedly approved the setting up of a new cement company in the New Valley governorate, southwestern Egypt.
The new company will have an authorised capital of E£40m (US$6.4m), while its issued capital will be E£10m (US$1.6m). Investment will be E£20m (US$3.2m) of which E£10m will be provided through loans from banks.
The governor of New Valley, Abu Bakr Rashidi, is currently evaluating potential locations for the new plant and has granted initial approval for an area located on the 40th kilometre of the New Valley Asyut road.
Egypt’s cement output fell to 7,471,600 tonnes in the first quarter of the fiscal 2004/05, ending June 30, 2005, from about 7,937,000 tonnes in the same period of 2003/04, the Egyptian Ministry of Planning said in a report. The country’s cement sales shrank to 6,496,300 tonnes from 6,818,000 tonnes, the report said.