Egypt launches initiative to support industry with 150 billion pounds

Eng. Mahmoud Mohsen, a member of the Chamber of Engineered Industries, confirmed that launching an initiative to support the industrial and productive sectors at 150 billion pounds, with interest for 5 years, supports industrial investment and expansions during the coming period, especially as it comes at a difficult time as a result of economic conditions and a large rise in interest rates.

Mohsen stressed the need for the government to expand initiatives to support industry and deepen local industrialization, as well as discuss the vision of exporters and manufacturers to develop the industrial and export sectors at a time when the engineering industries sector ranks fourth in terms of exporting sectors.

Dr. Mohamed Maait, Minister of Finance, announced that the initiative includes supporting the productive sectors by reducing interest rates on loans provided to these sectors. In order to help her face these negative repercussions; the total value of the proposed initiative, which starts from the approval of the Council of Ministers in its next meeting for a period of five years, is about 150 billion pounds, of which about 140 billion pounds is financing working capital operations, in addition to about 10 billion pounds to finance the purchase of capital goods.