Egypt Allocates $2.5 Billion to Fuel Industrial and Agricultural Growth

Prime Minister Mostafa Madbouly has given the green light for the continuation of a vital initiative geared towards bolstering interest rates for financing facilities in Egypt's productive sectors, announced Finance Minister Mohamed Maait.

The initiative, aimed at fueling the Egyptian economy, underscores a commitment to fortify the private sector and amplify its role in driving economic and developmental endeavors.

Designed to foster domestic production, amplify exports, and sharpen the competitive edge of Egyptian goods in international markets, the initiative emphasizes the strategic utilization of state resources.

Leveraging Egypt's advantageous geographical position as a regional and global production and export hub is central to the plan's execution.

Furthermore, robust infrastructure development is slated to accommodate investment expansions, with a streamlined process envisioned to facilitate obtaining the coveted golden license.

To incentivize investment in priority national sectors, the government will roll out a suite of perks, including investment incentives, tax benefits, and customs incentives.

In terms of financial specifics, a substantial allocation of EGP 120 billion is earmarked for easy financing to bolster agricultural and industrial production activities.

The interest rate ceiling is capped at 15%, with a significant portion of EGP 105 billion slated for working capital financing. An additional EGP 15 billion is allocated to support the acquisition of machinery, equipment, or production lines.

Crucially, the government is committed to sharing the financial burden with investors, with the aim of reducing production costs and galvanizing exports.

This collaborative approach underscores a concerted effort to propel Egypt's economic growth trajectory.

Source: Daily News Egypt