Dr. Mustafa Madbouly, Prime Minister, held a meeting today; To review the features of the new initiative to support the productive sectors (industry and agriculture), in the presence of Dr. Mohamed Moait, Minister of Finance, Mr. El-Koseir, Minister of Agriculture and Land Reclamation, Mohamed El-Swedy, President of the Federation of Egyptian Industries, Essam Omar, Deputy Governor of the Central Bank, and Tarek Tawfik , Vice President of the Federation of Industries, Ali Issa, President of the Egyptian Businessmen Association, Alaa Al-Saqati, President of the Federation of Small and Medium Enterprises Investors, Ali Al-Sisi, Head of the General Budget Sector at the Ministry of Finance, and Dr. Mohamed Ibrahim, Assistant Minister of Finance.
The Prime Minister started the meeting by referring to the government’s continued work to support and encourage the productive sectors, and to enhance local production, by focusing on priority sectors, especially the industrial and agricultural sectors. In order to achieve the developmental and economic goals of the Egyptian state, and to increase our capabilities to face the repercussions of global crises.
Dr. Mostafa Madbouly said: There are many measures taken by the government to support the industrial sector, and we have previously met with you and it was agreed to put forward a new initiative in this regard.
The Minister of Finance explained the features of the new initiative to support the productive sectors (industry and agriculture), indicating in this context that a number of meetings were held regarding this initiative with representatives of the industrial sector in Egypt, and a new initiative was finalized to support this vital sector, pointing out that this It comes in light of facing the economic repercussions of the Russian-Ukrainian crisis, and the subsequent negative repercussions on various aspects of life.
Dr. Mohamed Maait said: The most prominent features of the initiative to support the productive sectors include reducing interest rates on loans provided to these sectors; to help it face those negative repercussions; So that the total value of the proposed initiative, which starts from the approval of the Council of Ministers in its next meeting for a period of five years, is regarding 150 billion pounds, of which regarding 140 billion pounds is financing working capital operations, in addition to regarding 10 billion pounds to finance the purchase of capital goods.
The Minister of Finance also indicated that the amount of credit available to each company will be determined in light of the size of its business and the banking rules regulating that, stressing that financing will be provided to companies joining the initiative at a low interest rate of 11%, provided that the state bears the difference in the interest rate.
The President of the Federation of Industries thanked the government for putting forward this initiative, stressing that it suits the largest segment of manufacturers and farmers. He also thanked the government and the banking sector for the efforts currently being made in the customs release of goods, goods, and production requirements.
The Prime Minister certainly commented that any step that would support the productive sectors, especially industry and agriculture, would be implemented by the government immediately. Madbouly said: The initiative will be implemented as soon as it is approved by the Council of Ministers at its meeting next week.
