A Cooperation Protocol to Be Signed Today to Upgrade Bakeries in Egypt

A Protocol on Cooperation to support owners of small bakeries in Egypt is due to be signed today evening with the presence of the country’s Prime Minister Ibrahim Mahlab.

The protocol will be signed among the Egyptian Supply Ministry, the Social Fund for Development (SFD -Egypt) and  Industrial Development and Workers Bank of Egypt (IDWB). It aims for financing the owners of partially-automated bakeries in Egypt to develop their production lines.

As pursuant to the protocol, Supply Minister Khaled Hanafy said, soft loans at value of 2 million Egyptian pounds at maximum shall be given to owners of bakeries across the country, who are keen on upgrading their production lines of bread.

Such upgrade may include diverting partially-automated bakeries to fully automated systems or the purchase of generators or equipments necessary to expand their production line of subsidised bread, he noted.

With an interest rate of 8%, the five-year term loan is based on the declining-balance method, with one-month grace period.

Moreover, the minister elaborated that the owners of bakeries, who are willing to apply for the loan, have to submit a request at a nearest branch for the Supply and Internal Trade Directorate to get its approval and then go to the IDWB with the necessary documents for the loan, announced by the bank.