Egypt’s PM stresses gov’t’s support for industrial sector amid Russian-Ukrainian conflict

Sami Hegazi
2 Min Read

Prime Minister Mostafa Madbouly chaired on Tuesday a meeting of the Economic Ministerial Group in which he stressed the Egyptian government’s support for the industrial sector amid the Russian-Ukrainian conflict.

To be specific, the meeting discussed the results of the financial and monetary measures taken by the Egyptian state to deal with the negative economic repercussions of the ongoing global crisis.

Madbouly stressed the continuous evaluation and follow-up of the latest international situation and its impact on the prices of goods, raw materials, and production supplies.

He also emphasised the coordination between the government and the Central Bank of Egypt to open the necessary funds to import basic and necessary commodities and production necessities.

Furthermore, the PM directed the formation of a working group to develop a strategy for recovery from the negative repercussions of the global crisis, including proposals for additional incentive packages to attract foreign direct investment, encourage local industry, and simplify procedures.

It will also review the implementation of the structural reform programme launched by the government last year and accelerate the implementation of all components of the programme.

Additionally, he noted his desire to meet periodically with representatives of the Federation of Industries and groups of manufacturers in order to listen directly to their requests and work to meet them.

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