Egypt Daily News – Engineer Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, affirmed the keenness of Egyptian banks to provide the necessary financing for production and industrial facilities in Egypt and not limit themselves to financing and supporting consumer projects, which is reflected in the initiative that the Central Bank of Egypt intends to launch to establish a fund to support producers. In various fields, especially the industrial sector.
He stressed that coordination is currently underway between the Ministry of Industry and the Central Bank to identify the priority productive sectors eligible for financial support from banks, in order to procure machinery and equipment, pointing to continued coordination with the Ministry of Finance and the Central Bank of Egypt to make the 15% Industry Financing Initiative amounts available to manufacturers.
He explained that the priority industrial sectors were arranged to obtain support for the initiative according to what was reported from the industrial chambers in the industries (pharmaceutical, engineering, building materials, textiles, food, and chemicals), with a total required loans amounting to 7.776 billion pounds.
This came while Engineer Kamel El-Wazir chaired the twelfth meeting of the Ministerial Group for Industrial Development, in the presence of a number of ministers and heads of economic bodies, in addition to a number of car manufacturers in Egypt, representatives of the ministries that are members of the ministerial group, and a number of leaders of the ministries of industry.
