SODIC earmarks LE180mn for internal trade projects

Development and investment company SODIC has earmarked LE180 million for investment in local trade projects over the next three years.

Company officials say the funds will go towards the construction of commercial centers and administrative buildings.

“Egypt is the lowest-ranking Arab country in terms of these services per million capita,” said SODIC Managing Director Maher Maqsoud. He added that the company was participating in a number of tenders offered by the Trade and Industry Ministry for construction projects.

In a related context, a study conducted by the Cairo-based Egyptian Center for Economic Studies found that only 1 percent of total investments between 2001 and 2007 went to internal trade. The internal trade sector’s contribution to national GDP in Egypt did not exceed 11.8 percent for the period, even though international rates stand at between 10 and 20 percent.

Translated from the Arabic Edition.

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