Arab Finance: The Council of Ministers, headed by Dr. Mostafa Madbouly, approved the new initiative to support and support priority industrial sectors, in its final form, after agreement on it from various concerned authorities, according to statement cabinet.
The initiative aims to support companies to expand in priority industries, by providing financing facilities to the private sector to purchase machinery, equipment, or production lines. The Ministerial Group for Industrial Development has identified 7 priority industries, which are: the pharmaceutical industry, engineering industries, food industries, and clothing industries. Readymade, textile, chemical industries, mining industries, and building materials industry.
The most important requirements and determinants included in the initiative were reviewed, which include setting a maximum limit on the value of the support provided through the initiative, and the amount of credit available within the framework of the initiative for each client in light of the size of his business and the regulating banking rules, in addition to setting a maximum limit on the period for benefiting from the initiative, while giving Priority is given to benefiting from the initiative for establishments established in the areas most in need of development and the most employment, including the governorates of Upper Egypt, the border governorates, the governorates affiliated with the Suez Canal region, and the south of Giza Governorate.
The conditions for benefiting from the initiative have also been determined, and include the company obtaining evidence of the completion of the necessary construction and obtaining a building permit, with a tax invoice for the local purchase of machinery, equipment or production lines, provided that the executive mechanisms for the initiative are established in coordination between the Ministry of Finance and the Central Bank. The Ministry of Industry and concerned parties.
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