Government Launches EGP 100 Million Initiative for Supporting Industrial SectorSource: www.export-egypt.com 12/5/2019, Location: Africa |
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The Egyptian government unveiled an EGP 100 million initiative aimed at funding businesses in the industrial sector as part of President Abdel Fattah El Sisi’s directives for shoring up local manufacturing.
Launched in cooperation with the Central Bank of Egypt (CBE), Prime Minister Mustafa Madbouli told a presser on the occasion that the government and CBE agreed on spurring the Egyptian economy and maintaining its growth through a number of initiatives that targeted the industrial and manufacturing sector, which is a key locomotive for Egypt’s economic growth. The funding will be offered at a reduced interest rate of 10%, Madbouly added at the press conference he held along with the CBE governor, and the ministers of finance, industry, and military production. As per the initiative, the priority of funding will go to the businesses that target reducing the export bills, the premier added. Furthermore, CBE governor Tarek Amer declared another initiative for relieving the debt burdens on distressed businesses and factories, by writing off accrued interests on these financially-struggling companies. More than 5,000 ailing factories are expected to be benefiting from the latter initiative by wiping off their EGP 31 billion accrued interests, if they repay 50% of the principal debt. |
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