Dr. Mohieldin Inaugurating a New EGP 2 m Project

The Minister of Investment, Dr. Mahmoud Mohieldin, visited the Luxor, Qena and Sohag governorates, where he inaugurated several new projects and observed the latest developments of new investments in Upper Egypt.

Dr. Mohieldin continually follows up on productive projects underway in Upper Egypt, which aim to create more job opportunities for Upper Egyptians.

In Luxor, the minister witnessed the signing ceremony of a protocol between the Mortgage Finance Support & Guarantee Fund, an affiliated entity to the Ministry of Investment, and the Luxor Governorate. This protocol will allow the Fund to finance 3,000 housing units for low-income groups in Luxor. The finance would be distributed among the small towns of Luxor, Isna and Armant.

This comes within the framework of President Mubarak National Housing Project, and as part of the Ministry of Investment's efforts to provide more housing units for low-income groups through mortgage finance; allowing for more beneficiaries nationwide, in collaboration with the Ministry of Housing and Utilities.

The protocol was signed by Luxor Governor, Samir Farag, and the Mortgage Finance Support & Guarantee Fund chairman, Mustafa el Hayawan.

In addition, Dr. Mohieldin laid the first foundation stone for a new commercial Outlet in the town of Isna; an area of 300 metres provided by the Luxor Governorate. The ministry seeks to open commercial compounds in all towns and small cities in Upper Egypt; where food commodities would be available at lower or subsidized prices.

The Holding Company for Food Industries chairman, Ahmed Rakaybi, stated that a total of 112 commercial branches would be created; 59 in Lower Egypt and 53 in Upper Egypt - at a total cost of EGP 50 million.

Dr. Mohieldin highlighted the importance of rejuvenating the commercial sector’s role in towns and cities just like Isna, which would ultimately provide better goods and services through building integrated commercial compound of various stores and completing the basic infrastructure needs of these towns by completing road networks, improving waterworks and sanitary sewage.

Another important goal is developing the famous Isna Temple; placing it firmly on the map as a key historical monument.

Dr. Mohieldin directed the General Authority for Investment (GAFI) to put Isna on its investment map and promote its investment opportunities.

On another front, and adopting the corporate social responsibility concept, the ministry will be coordinating with the Luxor Governorate and the Ministry of Health, to establish a medical unit to provide healthcare services for the people of Isna; at a cost of EGP 2 million, in collaboration with El Masry Foundation for Community Service.

Plans are currently underway to develop Luxor Governorate's small neighbouring towns; as was the way Luxor City was developed, said Governor Farag. The Prime Minister will be visiting Luxor and Isna, Governor Farag continued, during mid February, to consider their development requirements.

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