Egypt announces loan scheme for ceramic industry

Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, announced that President Abdel Fattah El Sisi has approved 15-per-cent-interest loans for ceramic and porcelain manufacturers to help overcome debt repayment challenges by enabling them to purchase essential production equipment and supplies.

Industrial Development Authority (IDA), in coordination with the Federation of Egyptian Industries (FEI), will prioritise sectors eligible for these loans.

Additionally, a new initiative, launched in collaboration with the Ministry of Finance, introduces a compensation system allowing ceramic and porcelain manufacturers to supply products to the Ministry of Housing, Utilities, Urban Communities, the Ministry of Transport, and the Armed Forces Engineering Authority in exchange for outstanding debt values.

The announcement was made during the tenth meeting of the Ministerial Group for Industrial Development, which reviewed protective measures by the Ministry of Investment and Foreign Trade to safeguard local industries against unfair practices like dumping and subsidising key products such as ceramics, hot-rolled steel, and car tires.

Al-Wazir emphasised that protecting Egypt’s existing industries and attracting new industrial investments remains a top government priority.

Attribution: The Egyptian Cabinet

Subediting: M. S. Salama