Egypt on Wednesday launched a 100 billion pound ($6.2 billion) initiative to support local industry, as the nation looks to boost private sector growth in the next phase of its economic revival program.
Under the new plan, factories with sales of under 1 billion pounds would be able to secure loans at a reduced interest rate of 10%, central bank Governor Tarek Amer said, speaking after a Cabinet meeting. Those with sales over the threshold wouldn’t have access to that rate.
The move is the latest push by the government to spur competitiveness and growth in the private sector, a key element in the next stage of an economic program launched in late 2016 with the devaluation of the currency. That sought to curb a crippling dollar shortage and helped secure a $12 billion International Monetary Fund loan that shored up investor confidence.
external link: https://www.bloomberg.com/news/articles/2019-12-04/egypt-vows-6-billion-to-support-industry-amid-economic-revamp
