CAIRO - 30 April 2024: Egypt aims to boost the value of its industrial investments by approximately 10 percent in 2024, the head of the Egyptian Commercial Representation Authority, Yahya El Wathiq Billah said during an interview with Ashraq Bloomberg.
The goal is to reach a minimum of $3.6 billion, surpassing the $3.3 billion recorded in 2023.
El Wathiq Billah disclosed that the upcoming investments would encompass various sectors such as medicine, agricultural manufacturing, petrochemicals, food and beverages, as well as building materials.
He further mentioned that completed industrial projects amounted to $1.3 billion, while other projects are still in the negotiation phase.
In early April, the Cabinet approved the continuation of an initiative aimed at supporting the financing facilities for productive sectors, with an interest rate of 11 percent to stimulate interest.
In March, Minister of Finance Mohamed Maait announced that Egypt intends to provide LE 120 billion in soft financing for agricultural and industrial production activities. The interest rate for these funds will not exceed 15 percent.
The allocated funds will be utilized in two ways: LE 105 billion will be directed towards financing working capital, while LE 15 billion will be dedicated to the acquisition of machinery, equipment, or production lines.
Additionally, Egypt has set a target of attracting $12 billion in foreign direct investments for the fiscal year 2023/2024, an increase from the $10 billion target set for the last fiscal year, as stated by Hossam Heiba, the CEO of the General Authority for Investment and Free Zones (GAFI) in previous statements.
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