{"id":657989,"date":"2024-12-30T00:00:00","date_gmt":"2024-12-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/30\/govt-unveils-egp-30-bn-industrial-initiative\/"},"modified":"2024-12-30T00:00:00","modified_gmt":"2024-12-30T00:00:00","slug":"govt-unveils-egp-30-bn-industrial-initiative","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/30\/govt-unveils-egp-30-bn-industrial-initiative\/","title":{"rendered":"Gov\u2019t unveils EGP 30 bn industrial initiative"},"content":{"rendered":"

A new EGP 30 bn initiative for local manufacturers: <\/strong>The industry and finance ministries have announced the launch of the first phase of a new EGP 30 bn initiative to support companies in priority industrial sectors, according to an Industry Ministry statement<\/a>. The initiative aims to help private players finance the purchase of new machinery, equipment, and production lines.<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

Targeted sectors:<\/strong> The initiative targets the pharma, food, engineering, chemicals, ready-made garments, spinning and weaving, mining, and building materials sectors. <\/p>\n

A focus on Egypt\u2019s underdeveloped areas:<\/strong> The initiative gives priority to facilities located in border governorates, Upper Egypt, southern Giza, Port Said, Ismailia, and Suez. <\/p>\n

What does it entail: <\/strong>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. The initiative also includes additional incentives tied to increasing local value-added products. If a company boosts its local value-added by 7-10% compared to the previous fiscal year, the interest rate will be reduced by 1 percentage point. If value added increases by more than 10%, a 1.5 percentage point reduction applies. Companies with high import volumes can also benefit from a 2 percentage point interest rate reduction. <\/p>\n

The initiative marks the latest in a long list of incentives introduced this year to support <\/strong>industry <\/strong>\u2014 Read more about how the industrial sector fared in 2024 in our two-parter Inside Industry. Check out the stories here<\/a> and here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The initiative will target the pharma, food, engineering, and chemical sectors among others<\/p>\n","protected":false},"author":1,"featured_media":657990,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7255],"tags":[72,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-657989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-enterpriseam","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"1677a5da-ff27-421b-b606-8820f841d592","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2501.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gov\u2019t unveils EGP 30 bn industrial initiative","related_issue":[657979],"teaser":"The initiative will target the pharma, food, engineering, and chemical sectors among others","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.62595e5c-e0c3-49e5-9d58-1186a82dd20e.mp3"},"yoast_head":"\nGov\u2019t unveils EGP 30 bn industrial initiative - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/30\/govt-unveils-egp-30-bn-industrial-initiative\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t unveils EGP 30 bn industrial initiative\" \/>\n<meta property=\"og:description\" content=\"The initiative will target the pharma, food, engineering, and chemical sectors among others\" \/>\n<meta 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