The Industrial Development Authority (IDA) is allowing the three winners of the cement production licence auction to pay licence fees in annual instalments, according to a reliable source speaking to Al Mal. IDA will pay back the letters of guarantee in full once the winning bidders finalise production. Until production is finalised, the letters of guarantee would be paid back in tranches as each phase of construction is completed, the sources added. On a similar note, Cement Egypt’s CEO Ahmed Abou Hashima said that his company will begin working on its 2mn tpa plant in Sohag before beginning of 2017. (Al Mal)