Egypt continuing support for agricultural and industrial production

Maait’s comments came following the official launch of an initiative last month by the Central Bank of Egypt (CBE) aiming to support domestic industrial and agricultural production.

The initiative’s support includes concessional financing worth EGP 150 billion ($4.89 billion) with an interest rate of 11 percent.

It also includes EGP 140 billion ($4.57 billion) allocated to finance working capital and EGP 10 billion ($326.42 million) for the purchase of machinery, equipment and production lines over a period of five years.

In addition, more than EGP 13 billion ($424.35 million) has been dedicated annually as interest rate differentials.

The support is being provided during the current fiscal year (FY2022/2023) in spite of a recent two percent increase in interest rates, according to Sunday’s statement.

The increased production will help achieve the strategic goals of the state, including maximising production capacity, meeting domestic demand and enhancing the competitiveness of Egyptian products in global markets. The ultimate target is to reach $100 billion in exports, which will help strengthen the national economy's structure, sustain growth rates and provide more productive job opportunities.