Central Bank of Egypt to establish fund for supporting national producers
The decision was made during a meeting of the ministerial group on industrial development
Egypt’s Deputy Prime Minister for Industrial Development, Minister of Transport and Industry Kamel Al-Wazir, announced the government’s intention to allocate additional financial resources to support production in priority sectors. This was reported by Daily News Egypt, a partner of TV BRICS.
According to Egypt’s Deputy Prime Minister, to ensure economic growth, the Central Bank of Egypt is preparing to establish a dedicated fund to finance production in sectors such as pharmaceuticals, mechanical engineering, and food processing.
Additionally, during the 12th meeting of the ministerial group on industrial development, chaired by Al-Wazir, discussions centred on the creation of new factories for the production of vehicle tires and batteries, as well as the development of solar energy projects.
Special attention was given to a tire manufacturing cluster project, which will be implemented in partnership with China in the Ain Sokhna Free Trade Zone. As reported, the first phase of the factory is expected to be launched within a year.
At the meeting, the Deputy Prime Minister also emphasised the importance of localising production of the aforementioned automotive components. He expressed confidence that this step would help meet the growing domestic demand.
Among other topics, the representatives of various departments discussed mechanisms for stimulating green hydrogen production. Al-Wazir highlighted the need to activate the energy planning group under the Supreme Council of Energy to advance renewable energy sources.
Photo: iStock
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