Egypt's central bank praises state's role in promoting industrial sector in Egypt

CAIRO - 25 October 2022: Acting Governor of the Central Bank of Egypt (CBE) Hassan Abdalla praised the role of the state and the private sector in promoting the industrial sector in Egypt, stressing at the same time the need to exert more efforts to advance the industrial sector in the country.

 

Abdalla said - in a session entitled "A roadmap for developing the industrial sector: challenges and mechanisms to stimulate the sector", during the activities of the third day, the Egyptian Economic Conference 2022 that the trade sector is much easier to deal with compared to the industrial sector, which needs to great efforts to promote and develop it.

 

He pointed out that, prior to his assignment as governor of the Central Bank, he was part of a presidential initiative entitled "Begin" related to the consolidation of industry and the replacement of imports and employment in the country.

 

For his part, Deputy Governor of the Central Bank Gamal Negm stressed the necessity of developing industrial capabilities in order to achieve sustainable development in the country, stressing the keen interest of the Central Bank and the banking sector in the industrial sector in Egypt.

 

Negm pointed out that there has been a growth in lending rates to the industrial sector in the country during the past three years, which confirms the state's interest in this sector, confirming the industrial sector's acquisition of the bulk of the sectors benefiting from the lending and discount balances provided by the banking system.

 

The third and final day of the Egyptian Economic Conference kicked off with a session entitled,"A roadmap for developing the industrial sector: challenges and mechanisms to stimulate the sector."

 

The session addresses a number of axes, namely the challenges facing the industrial sector in Egypt, and the financing gap as one of the challenges facing the industrial sector. It also discusses another topic on practical mechanisms and ways to address the crisis of the financing gap and solve the problems of importers, and mechanisms to stimulate the industrial sector.