Finance Minister Mohamed Maait said the cabinet under Prime Minister Mostafa Madbouly approved to proceed with an initiative for supporting financing facilitations for incentivizing various productive sectors.
This is meant to push forward the wheel of economy, he said on Sunday during a meeting with Trade and Industry Minister Ahmed Samir and members of industrial federation and business associations.
He said the decision goes in line with policies and measures adopted by the government to empower the private sector to boost its contribution to economy and local production.
He added that this would help localize production, boost Egyptian exports, and promote competitiveness of Egyptian products in international markets.
He noted that LE120 billion will be allocated for financing agricultural and industrial production at an interest rate not exceeding 15 percent.
He added that the state shares investors the burdens of financing, noting that the state treasury bears about LE eight billion for the interest rate differential annually to support beneficiaries of the initiative.
