Sharm El Sheikh
Egypt will invite bids in March for 50,000 acres of land in North Sinai for agro-business projects, the agriculture minister said yesterday.
Egypt said this month it planned to lease farmland for agro-business projects during 2010 but was waiting for the agriculture ministry to allocate suitable plots.
“The first patch will be tendered for in March in North Sinai for 50,000 acres,” Agriculture Minister Amin Abaza told reporters on the sidelines of an Afro-Arab food security summit. “The land will be used for agricultural development.”
The Industrial Development Authority (IDA) said last year Egypt would start up its agro-industrial zones project in June 2009. It said Egypt could raise as much as 66bn Egyptian pounds ($12bn) by 2020 through the scheme.
The plan envisages leasing farming plots with suitable irrigation facilities and ample space for a manufacturing site to Egyptian and foreign investors.
Trade Minister Rachid Mohamed Rachid said this month that the land would be long-lease for anywhere between 40 and 99 years.
The Trade Ministry has compiled a list of potential projects ranging from sugar factories to tomato paste manufacturing.
