Arab Finance: Team Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport chaired the tenth meeting of the Ministerial Group for Industrial Development, according to statement cabinet.
During the meeting, the measures taken by the Ministry of Investment and Foreign Trade regarding investigations of commercial remedies that include dumping, support and prevention were reviewed, which are taken after confirming the existence of a causal relationship between the damage to the local factory and the dumped product, in ceramic products, hot flat steel, cold, galvanized and colored sheet metal, and car tires. .
The mechanisms and procedures that will be taken to overcome the problem of ceramic and porcelain manufacturers’ failure to pay their debts were also reviewed, the most important of which is launching an initiative in cooperation with the Ministry of Finance to establish a clearing house that allows the supply of ceramics and porcelain to the Ministries of Housing and Utilities, Urban Communities and Transport, and the Armed Forces Engineering Authority in exchange for the value of the debts owed by ceramic factories. This is in addition to accelerating the pace of procedures for the 15% initiative.
The minister confirmed that it had been approved by President Abdel Fattah El-Sisi, President of the Republic, to grant manufacturers loans at an interest rate of 15% to purchase equipment and production supplies. Coordination had also taken place between the General Authority for Industrial Development and the Federation of Egyptian Industries to arrange priority sectors in obtaining loans.
During the meeting, the results of the technical committee formed by representatives of the Ministries of the Public Business Sector and Military Production, the Industrial Control Authority, the General Authority for Industrial Development, and Al-Nasr Pipes Company were also reviewed, to inspect the two factories of Al-Nasr Castings Company to determine their technical condition and the position of the production lines, in order to consider mechanisms for attracting new investments to the company directly. Production in it and benefiting from its production facilities, as the efficiency factor of machines and equipment in the company’s factories ranges from 60-70%. The ministerial group has discussed a number of corrective measures that will be taken during the coming period to restart the two factories of Al-Nasr Castings Company.
During the meeting, the facilities and incentives provided by the Ministry of Petroleum and Mineral Resources to support the industrial sector were also reviewed, and the ministerial group decided that the Ministry of Petroleum and Mineral Resources should issue these incentives in the form of a circular for the Federation of Egyptian Industries to disseminate to factories.
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