Egypt may start selling farmland in tenders to foreign and local investors by June as part of a new agro-industrial zones project, the head of the country's Industrial Development Authority said.
"We've held some meetings with local investors this March and we could start seeing some movement on this programme early June," Amr Assal told Reuters in a telephone interview on Tuesday.
Egypt is looking to raise as much as 66 billion Egyptian pounds ($11.7 billion) by 2020 through the sale of farmland spanning 1.3 million acres in a joint project between the ministries of investment, trade and agriculture.
"The projects are linked to industry so once the investor buys land he has to guarantee that he will build a factory as well for producing value added goods in the same location," Assal said.
The lands span various areas including Kom Ombo, Aswan and Minya in southern Egypt and Beheira governorate in the north.
