Egypt to adopt LE 150B initiative to back production sectors, cut loans’ interests

Egypt will adopt a five-year initiative worth LE 150 billion to support the agricultural and industrial production sectors, especially by reducing their loans’ interests, in the face of the repercussions of the global crises, the Cabinet has announced.

The initiative will come into effect after the cabinet’s approval this week, the Cabinet said in a statement on Wednesday.

The initiative aims to enhance local production by focusing on priority sectors, especially the industrial and agricultural sectors, in order to achieve the state’s developmental and economic goals and increase capabilities of facing the repercussions of global crises, the statement added.