Egypt’s new agriculture, industry support initiative to come into effect next week

Newspaper Title: www.zawya.com

Newspaper Number:

Friday - 20 January 2023

The Egyptian Cabinet has finally approved an initiative to support the industrial and agricultural sector with EGP 150 billion worth of loans at a subsidized 11% interest rate, Prime Minister Mostafa Madbouly stated in a press conference on January 19th.

The initiative will come into force next week, the Prime Minister said, adding that it would replace the Central Bank of Egypt’s (CBE) initiative that backs industries with an interest rate of 8%.

Madbouly also highlighted that it has been agreed with the Federation of Egyptian Industries (FEI) and the Federation of Egyptian Chambers of Commerce (FEDCOC) that producers and manufacturers would afford an interest rate of 11% under the initiative, with the government to bear the remaining.

Accordingly, the government will afford about EGP 10 billion as the interest rate spread to aid the industrial and agricultural sectors, he noted.