Egypt announces 10 billion EGP initiative to support struggling factories

Egypt's Minister of Industry, Khaled Hashem, has announced a 10 billion EGP financing initiative aimed at supporting struggling factories and returning them to production. The move is intended to maximize existing industrial investments, preserve jobs, and increase national production capacity.

Minister Hashem emphasized the government's commitment to direct dialogue with manufacturers of all sizes to address challenges such as licensing and bureaucratic hurdles. He noted that the Ministry is working to simplify and digitize industrial procedures. As part of these efforts, small and medium-sized manufacturers will be exempted from certain decennial insurance requirements to reduce procedural burdens.

Mustafa El-Behy, Secretary of the Industry Committee in the House of Representatives, welcomed the initiative, noting that restarting idle factories is one of the fastest ways to boost the industrial sector's contribution to the GDP. He stressed the importance of coordinating between the Ministry of Industry, the Ministry of Finance, and the Central Bank to ensure the success of the program through clear executive controls and technical implementation plans.