CBE industry initiative to raise GDP to 7.5% annually: official

CAIRO- 9 December 2019: The initiative by the government and the Central Bank of Egypt to support the local industry with LE 100 billion will help increase economic growth rates and the Gross Domestic Product to reach 7.5 percent annually as it will be beneficial to around 96,000 eligible factories, CBE Deputy Governor Gamal Negm said.

Growth rates will be up to 5.9 percent from 5.2 percent by the completion of the initiative, he told a press conference held here on Monday.

The CBE has launched over the past years other initiatives to boost the industry worth LE 15 billion, he said, referring to more than 865 factories receiving sums that went to increasing their capital and purchasing machinery and equipment.

Egypt's exports are planned to reach around $200 billion by 2030, compared with only $29 billion last year, he stressed.