Egypt begins first phase of low-interest loan plan for production lines

Egypt has rolled out the first phase of a 30 billion Egyptian pound ($586.7 million) initiative aimed at supporting industrial growth by financing the purchase of new machinery and production lines, Prime Minister Moustafa Madbouly announced on Thursday.

The initiative will offer subsidised loans at a reduced interest rate of 15 per cent, with a 2 per cent annual decline, to bolster manufacturing in seven strategic sectors: pharmaceuticals, engineering, food processing, textiles and ready-made garments, chemicals, mining, and building materials.

Speaking at a press conference, Prime Minister Madbouly said the programme is part of broader government efforts to deepen local manufacturing and reduce dependency on imports. The plan prioritises increasing the local content in production, with a focus on enhancing competitiveness and export capacity.

“This is a vital step to strengthen the industrial sector and drive economic development,” Prime Minister Madbouly said, adding that the initiative aligns with Egypt’s vision for sustainable, inclusive growth.

Attribution: Amwal Al Ghad English