Eligible companies to apply for Egypt’s EGP30b industrial initiative next week

Eligible companies in Egypt’s priority industrial sectors will have the opportunity to apply for funding from the newly approved 30 billion Egyptian-pound Industry Support Initiative starting next week, Prime Minister Moustafa Madbouly confirmed on Thursday.

The new initiative, aimed at boosting industrial growth, will provide financial support to businesses in key sectors including pharmaceuticals, engineering, food, textiles and ready-made garments, chemicals, mining, and construction materials.

In a press conference, Prime Minister Madbouly explained that the funding would help companies invest in machinery, equipment, and production lines to expand their operations.

The initiative, approved by the Cabinet, is part of Egypt’s broader strategy to increase productivity and foster economic growth by offering targeted support to vital industries. This move follows earlier announcements by the Deputy Prime Minister for Industrial Development, the Minister of Industry and Transport, and the Minister of Finance.

Attribution: Amwal Al Ghad English