EGP 163.5 m in Environmental Adjustment Contracts

Affiliates of the Ministry of Investment have signed environmental adjustment contacts, in order to comply with the rules and regulations set up by the state concerning draining wastewater into Kitchener Ditch in lower Egypt.

This comes within efforts exerted by the Ministry of Investment to enforce environmental compliance in its affiliated companies, and within the frameworks of the Environmental Law No. 4 of 1994, the amendments to Law No. 9 of 2009, and the Watercourse Drainage Law No. 48 of 1982.

Contracts worth EGP 121.5 million were signed, in order to develop the drainage and industrial water treatment stations of El-Nasr Spinning, Weaving & Dyeing Company and Misr Spinning & Weaving Company, in Al-Mahala Al-Kubra.

Alexandria Oils & Soap Company and Tanta Oils & Soap Company with its two branches also sealed contracts to develop their drainage and industrial water treatment units at a total EGP 42 million.

Therefore, environmental compliance expenditure will reach EGP 163.3 million; which will be provided by the Ministry's Restructuring Fund. All civil and mechanical works should be completed during the next 12 months.