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EGP 30 bn industrial initiative gets the thumbs up from the cabinet: The Madbouly cabinet approved the EGP 30 bn initiative to support companies in priority industrial sectors during its weekly meeting last week.
What do we know about it? The initiative aims to help private players finance the purchase of new machinery, equipment, and production lines and it targets the pharma, food, engineering, chemicals, ready-made garments, spinning and weaving, mining, and building materials sectors.
This isn’t the first we heard about this: The industry and finance ministries unveiled the firstphase of theinitiative late last month. The initiative provides beneficiaries with a subsidized interest rate of 15% for five years from the start date of the initiative, with a maximum financing limit of EGP 75 mn per client or a total of EGP 100 mn for related entities as well as additional incentives.
The eligibility criteria: To take part in the initiative, private players need to have completed construction, secured the necessary building permit, and have a tax invoice for the machinery, equipment, or production line purchased locally.
What’s next? The finance and industry ministries, alongside the central bank and other relevant parties, will work together to develop the initiative’s implementation mechanisms.
AND- French yeast producer Lesaffre Egypt will receive the golden license for its EUR 120 mn yeast production and packaging facility to be set up in Beheria. The project will have an annual production capacity of 22.6k tons of instant and active dry yeast — the first phase will come online in August 2026 and the second phase will follow in August 2028. Over 90% of the project’s output will be earmarked for exports and the local component ratio will exceed 50%.
PLUS- Finnish food packaging manufacturer Huhtamaki also secured the golden license for its EGP 1.5 bn factory — EUR 24 mn of which will come in the form of FDI, representing over 80% of the price tag — for the production and distribution of food packaging in Sadat City. The project will rely heavily on local materials, with its local component ratio expected to reach 70%, and export 70% of its production.
