Rédaction Africa Links 24 with MENA
Published on 2024-04-01 10:17:59
Finance Minister Mohamed Maait announced that the cabinet, under Prime Minister Mostafa Madbouly, has approved an initiative to provide financing facilitations aimed at incentivizing various productive sectors. This decision, made during a meeting with Trade and Industry Minister Ahmed Samir and members of industrial federations and business associations, is intended to stimulate the economy and support local production.
In his statement, Maait emphasized that this initiative is part of the government’s broader efforts to empower the private sector and increase its contributions to the economy. By providing financial support to key sectors, the government hopes to boost local production, enhance Egyptian exports, and improve the competitiveness of Egyptian products in international markets.
As part of this initiative, a total of LE120 billion will be allocated for financing agricultural and industrial production. Importantly, the interest rate on these loans will not exceed 15 percent, making them more accessible to businesses in need of financial support. Furthermore, the state will share in the financial burden by subsidizing the interest rate differential, with approximately LE eight billion allocated annually for this purpose.
The decision to support financing facilitations for productive sectors underscores the government’s commitment to promoting economic growth and fostering a conducive environment for businesses to thrive. By providing financial incentives to key sectors, the government aims to drive economic development and create opportunities for local producers to expand their operations.
Through this initiative, the government seeks to address the financing needs of agricultural and industrial sectors, which play a significant role in Egypt’s economy. By offering favorable financing terms and reducing the financial burden on businesses, the government hopes to encourage investment, stimulate production, and ultimately contribute to the overall growth and development of the economy.
Overall, the approval of this initiative marks a significant step towards bolstering the economy and supporting local production in Egypt. By providing financial support to key sectors and incentivizing investment, the government aims to create a more favorable business environment and drive economic growth. This initiative demonstrates the government’s commitment to empowering the private sector and boosting the competitiveness of Egyptian products in the global market. With a focus on financing facilitations and support for productive sectors, the government is laying the groundwork for sustained economic growth and development in the country.
Read Original article on Egypt Independent
