Egypt allocates EGP 30b to boost private sector industries

Egypt has allocated 30 billion Egyptian pounds to provide financial facilities for private sector companies under an initiative launched by the Ministry of Industry and Ministry of Finance to support priority industrial sectors.

Participating companies will benefit from a subsidised interest rate of 15 per cent, funded by the state treasury for five years, starting from February 2025, according to a statement from the Cabinet on Tuesday.

The initiative aims to assist companies in seven key industries—pharmaceuticals, engineering, food, chemical, ready-made garments and textiles, mining, and building materials – by offering funding for purchasing machinery, equipment, and production lines.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama