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Egypt’s industrialists hail newly-launched initiative to support local industry

MENA

Egypt’s industrialists have welcomed an initiative that the government launched in cooperation with the Central Bank of Egypt (CBE) to support and stimulate local industry.

Launching the initiative is a right decision that will help lure investments to manufacturing, contributing to increasing growth rates of the sector in the coming period, they said.

On Thursday, Egypt’s Prime Minister Mustafa Madbouli uncovered a new initiative to be launched in cooperation with the CBE to support the industrial sector as part of President Abdel Fattah El Sisi’s directives for shoring up local manufacturing.

CBE Governor Tarek Amer said that it is an EGP 100 billion initiative aimed at funding businesses in the industrial sector at a reduced interest rate of 10%.

He explained that the initiative aims to reduce the gap between exports and imports, therefore the priority will be given to the industries that make alternatives to imported products.

As many as 96,000 industrial facilities will be benefiting from the initiative, he said.