The Micro, Small and Medium Enterprise Development Agency (MSMEDA) says it has injected more than EGP 1.9bn to finance industrial projects since 2014, noting that it has a strategy to support the Egyptian industry with a new generation of businesspeople.
Nevine Gamea, the Executive Director of MSMEDA, said the agency provides many facilities and advantages for financing industrial projects, whether business leaders who have experience and an ability to manage industrial projects, or owners of industrial projects who want to develop their projects and improve their productivity.
“The agency is financing industrial projects now with low interest rates of 5%, and has raised the maximum value of funding granted for new industrial projects through direct lending to EGP 10m instead of EGP 5m,” said Gamea, who is also the Minister of Trade and Industry.
She added that the agency is now cooperating with the Industrial Development Agency (IDA) to implement the initiative of President Abdel Fattah Al-Sisi to establish 4,500 factories through various industrial complexes that the state is currently implementing to encourage local manufacturing. This would be through providing a diverse package of different financing products at competitive rates. It comes with the aim of meeting the needs of all client segments who own small projects.
Gamea stressed that the political leadership gives great attention to the industrial sector as it is the primary axis on which all countries depend in managing the economic system. Moreover, the Egyptian government has recently taken several steps towards stimulating the national industry by launching a national programme to deepen domestic industrialisation. It aims to reduce imports and localise some industries by creating international partnerships with foreign and international companies and encouraging the establishment and manufacturing of some of the components imported from abroad.