150 billion EGP.. A new government initiative to support industry and agriculture

In a new step to support the industrial and agricultural sectors, the Council of Ministers intends to announce a new initiative to support the productive sectors “industry and agriculture”.

Last week, Dr. Mostafa Madbouly, Prime Minister, features of the new initiative to support the productive sectors (industry and agriculture),

For a period of five years, at a total of 150 billion pounds, at an interest rate of 11%, provided that the state bears the interest rate difference.

Dr. Mohamed Maait, Minister of Finance, said 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, and 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.

Most of the industrialists and farmers

The head of the Federation of Industries, Mohamed El-Sewedy, said that the initiative is suitable for the largest segment of manufacturers and farmers, and the efforts currently being made focus on customs release operations on goods, merchandise, and production requirements.

reduce interest rates

For his part, Alaa Al-Saqati, Chairman of the Federation of Small and Medium Enterprises Investors, praised the response to the demands of reducing the interest of the industrial sector and providing soft financing for it, while allocating part of the initiative to finance production lines, and said that all parties are currently focusing on one goal, which is to increase domestic production and replace imports to support the industry local.

financing sectors

The initiative will help the financing sectors to provide the necessary liquidity to compensate for the high prices of raw materials and production requirements, which contributes to non-stop production lines and the continuation of the operation process.

Saving foreign exchange

These decisions come within the framework of the vision of the political leadership to ease the burdens on the shoulders of the industrial and productive sector and to provide foreign exchange for the purchase of necessary commodities and production requirements.

The most prominent features of the initiative to support the productive sectors included reducing interest rates on loans provided to these sectors, which start as of the approval of the Council of Ministers at its next meeting.

   The total value of the proposed initiative, for a period of five years, is about 150 billion pounds, about 140 billion pounds for financing working capital operations, in addition to about 10 billion pounds for financing the purchase of capital goods.