Prime Minister Sherif Ismail and Minister of Trade and Industry Tarek Kabil witnessed the signing of a memorandum of understanding (MoU) between the Industrial Development Authority (IDA) and the Singapore Holding Company (SECC) to establish an integrated industrial city in Fayoum governorate on an area of 33 million square metres.
The city will include industrial projects in various sectors. The agreement was signed by Chairperson of IDA Ahmed Abdel Razek and Chairperson of SECC Xi Zuo Yi.
The MoU comes in the framework of the ministry’s plan to promote industrial development and growth, which will contribute to the growth of the national economy, pointing out that the project aims at the establishment of an integrated industrial city in the latest global standards to attract international investments and produce high quality products to meet both domestic and international needs.
Moreover, under this agreement, a joint company between SECC and IDA will be established to take over the implementation of the new project. The planned completion of detailed studies will take seven months before starting the implementation of the project.
SECC will provide the project’s funding, which will be available through a number of foreign banking institutions, as well as cooperation with IDA.