Egypt continues to support productive sectors despite harsh global economic challenges: Finance Minister

Egypt continues to support productive sectors despite harsh global economic challenges: Finance Minister

Egypt - Mohamed Maait, Minister of Finance, has said that the government will continue to support the productive sectors in the new budget, despite the harsh global economic challenges, by providing EGP 150bn in soft financing at 11% interest for agricultural and industrial production activities, of which EGP 140bn for financing working capital and EGP 10bn to buy machinery, equipment, or production lines over a period of five years, as the state treasury bears more than EGP 13bn worth of interest rate difference annually.

Maait added, in a statement on Sunday, that the government continues to implement this initiative in the current fiscal year as well, despite the 2% hike in interest rates, which contributes to encouraging investors to expand production, and achieving the strategic goals of the state by maximizing our production capabilities, meeting the needs of domestic demand, and limiting production.

From importing, expanding the export base, and enhancing the competitive strength of Egyptian products in global markets, leading to the dream of $100bn in exports, in a way that helps strengthen the structure of the national economy, sustain growth rates, continue the rotation of the wheel of production, and provide more productive job opportunities.

He pointed out that the successive