Egypt's New Industrial Initiatives to Boost Key Sectors and Economic Growth
Key Ideas
- Egypt introduces third initiative to support private sector companies in key industrial sectors.
- Initiatives include subsidized interest rates, financing limits, and incentives for increasing domestic added value.
- Focus on priority industrial sectors like pharmaceuticals, engineering, food, textiles, chemicals, mining, and building materials.
- Efforts aim to enhance production capacity, attract investment, and stimulate economic growth in Egypt.
Egypt's Minister of Industry and Trade, Nevine Gamea, highlighted the launch of a new initiative aimed at supporting private sector companies in key industrial sectors. This initiative is part of a series of efforts by the Central Bank of Egypt to boost the industrial sector. The program targets companies in seven priority sectors, offering subsidized interest rates of 15% for five years and financing limits of up to EGP 75 million. Companies can also benefit from interest rate reductions by increasing their domestic added value. Additional incentives include support for establishments in underdeveloped areas and efforts to address outstanding gas debts for industrial investors. These initiatives align with Egypt's strategy to strengthen its industrial capacity, attract investments, and drive economic growth.