Egypt industry: Gov. to support troubled factories with Ebda initiative

In a determined effort to bolster the industrial sector, the Deputy Prime Minister for Industrial Development has confirmed that the government is committed to offering comprehensive support to troubled factories.

The minister emphasised that the ministerial group for industrial development is fully equipped to address the challenges faced by these factories, whether stemming from technical difficulties or administrative hurdles. This initiative is part of a broader strategy to ensure that struggling manufacturers can access the necessary resources to continue operations and contribute to the economy.

One of the key support measures available to these factories is the presidential initiative Ebda, which provides financial solutions to businesses in distress. The initiative aims to alleviate the financial pressures on manufacturers, ensuring they have the means to stabilise and grow their operations.

Furthermore, ongoing coordination with the Presidency, the Central Bank of Egypt (CBE), and the Ministry of Finance is focused on exploring additional avenues to ease the financial burden on the industrial sector. This concerted effort reflects the government’s dedication to creating a conducive environment for local manufacturers.

In a significant move to further empower domestic industries, the government is also enforcing the law of local product preference in government tenders. This legislation is expected to provide a substantial boost to local manufacturers, encouraging them to increase production and enhance their competitiveness in the market.

Attribution: Egyptian Cabinet statement

Subediting: M. S. Salama