Egyptian Cabinet approves new initiative to support priority industrial sectors

The Egyptian Cabinet on Thursday approved a new initiative to support and develop priority industrial sectors. The initiative, which has been finalised after coordination with authorities concerned, focuses on offering financial facilities to private companies for expanding operations in key industries.

Seven sectors have been identified as priority industries: pharmaceuticals, engineering, food, ready-made garments and textiles, chemicals, mining, and building materials. The initiative aims to foster expansion through financing options for purchasing machinery, equipment, and production lines.

In addition, the Cabinet set specific conditions for the initiative, including a cap on the support value and the credit available to each client based on their business scale.

The initiative will prioritise projects in regions with significant developmental needs, such as Upper Egypt and border governorates.

In that context, the Ministry of Finance, the central bank, and the Ministry of Industry will collaborate on the implementation process, with annual performance evaluations to measure its impact on the national economy.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama