IDA Launches "First Billion" Project To Curtail Engineering Imports' Bill
Published Tuesday, 05 March 2013 14:17 | Written by Mahmoud Hemdan
The Industrial Development Authority (IDA) in Egypt, jointly with experts, launched the "first billion" project so as to curtail the bill of engineering imports to EGP 1 billion, after recording EGP 127 billion in 2012.
Dr Mahmoud El Garf, Head of the Industrial Development Authority (IDA), in his statements to "Amwal Al Ghad", said the project aims to replace the imported products with some Egyptian products, which can be manufactured locally. He referred that the project will start with the preparations of producing some components of cars, which Egypt imports.
El Garf added that the second phase of the project will concern the petroleum sector to decrease the bill of importing the raw materials and the equipment necessary for extracting them.
Most Popular »
- Ethiopian Delegation to Visit Egypt Next March to Boost Bilateral Ties
- Egypt Reaches $1bn Financing Strategy Deal with World Bank
- Fitch Upgrades Egypt to ‘B’; on Subsidies, Oil Savings
- Egypt not in Russia’s Banned Wheat Importer List: Minister
- Egypt's Sufficient Wheat Supply Sufficient To Last Until Late April - Minister