Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, and Finance Minister Ahmed Kouchouk jointly unveiled the renewed package, according to a joint statement by the finance and industry ministries on Wednesday.
The initiative provides funding at an interest rate not exceeding 15 percent, with EGP 80 billion allocated for working capital and EGP 10 billion earmarked for the purchase of machinery and equipment.
The Ministries of Industry and Finance affirmed the government’s commitment to enhancing the productive capacity of Egyptian factories, increasing the industrial sector’s contribution to GDP, and creating new job opportunities for youth.
To ease financing burdens, the state treasury will cover EGP 8 billion this year to subsidize the interest rate differential, an amount maintained at full value despite earlier plans to reduce it by 20 percent.
The move is intended to lower borrowing costs for investors, manufacturers, and farmers, while supporting local production and boosting the competitiveness of Egyptian exports in global markets.
A gradual transition to a green economy is one of the cornerstones of Egypt’s recently launched Narrative for Economic Development, the country's new economic model through 2030.
Meanwhile, industry and agriculture are among the five priority sectors the narrative centres on to boost national economic growth and job creation.
The statement also highlighted ongoing efforts by the Ministry of Finance to reduce pressure on investors and strengthen public-private partnerships, with the aim of encouraging greater private sector participation in Egypt’s economic development.
“The government remains committed to driving economic activity and maintaining high, sustainable growth rates,” the statement concluded.
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