- Life Style
The Council of Ministers is currently considering the allocation of new land in Toshka, East Owaynat and parts of El-Wadi el-Gadid to Egyptian and Arab investors for reclamation projects on a usufruct basis--not on an ownership basis, as had previously been the case. The government thereby aims to ensure that investors take their obligations seriously and that projects remain under the full supervision of the state.
In a press statement Thursday, Agriculture Minister Amin Abaza declared that 300,000 acres in Toshka would be offered to investors on a usufruct basis, adding that investors would enjoy a three-year grace period in which to finish their respective projects. "The usufruct system allows us to dispense with the long and complex legal procedures associated with the land ownership system," Abaza explained.
The minister went on to say that the government had so far received numerous requests from both Egyptian and Arab investors interested in pursuing projects, especially in Toshka, confirming that Toshka was "a promising location that is expected to take a quantum leap this year."
Earlier, East Owaynat enjoyed a boom after the ministry withdrew land from investors that were not seen to be taking their obligations seriously. "This move achieved a 70 percent increase in the productivity of the projects there," said Abaza.
Translated from the Arabic Edition.