Trade and Industry Minister Tareq Qabil said Monday that a center has been established inside the Industrial Development Authority (IDA) HQ to be tasked with issuing new licenses.

Qabil, in a meeting with World Bank officials, reviewed efforts exerted by his Ministry to upgrade the industrial infrastructure and achieve industrial development.

The center will be the main go-to body to issue industrial licenses in Egypt, said the minister, adding that branches will later be inaugurated in all governorates and will be electronically connected with the main office in Cairo.

Work is underway to outline executive regulations of a new licensing bill to be available when parliament approves it, Qabil said.

He expected the new bill to be applied within three months after ratification.

The new draft law will contribute to luring more industrial investments to Egypt and will reduce the period of licensing to a few weeks, the minister told the WB officials.

Qabil stressed the need for the IDA and Federation of Egyptian Industries to hold more meetings with WB officials to better negotiate the new licensing system.

Naguie bin Hussein, the WB regional director, said the bank is keen on helping Egypt upgrade the industrial licensing system.

He was pleased with efforts exerted by the Trade and Industry Ministry to expedite the process.