Cairo, Egypt - The Egyptian government has launched a new initiative aimed at accelerating industrial growth and localization. The program, part of a wider effort to increase the industrial sector's contribution to GDP, will provide financial support to companies investing in priority industries.

The initiative, announced by Deputy Prime Minister for Industrial Development Kamel El-Wazir and Finance Minister Ahmed Kouchouk, will allocate EGP 30 billion in its first phase. This funding will assist companies in purchasing machinery, equipment, and production lines, facilitating expansion within seven key sectors: pharmaceuticals, engineering, food, textiles, chemicals, mining, and construction materials.

"This initiative is crucial for achieving our ambitious goal of increasing the industrial sector's contribution to GDP to between 20 and 30 percent," stated Prime Minister Mostafa Madbouly at the recent International Annual Industry Conference and Exhibition (IMCE).

To qualify for support, companies must meet specific criteria, including providing proof of construction completion, obtaining a building permit, and submitting a tax invoice for locally purchased equipment. Priority will be given to projects located in regions with high unemployment rates and significant development needs, such as Upper Egypt, border governorates, and the Suez Canal region.

This initiative builds upon previous efforts by the Central Bank of Egypt (CBE) to finance industrial sector investments and a proposed fund to assist struggling factories. The government aims to achieve an industrial growth rate of over 31 percent by FY2026/2027.

The successful implementation of this initiative will be crucial for Egypt's economic development, fostering job creation, and enhancing the country's industrial competitiveness.

[ⓒ Global Economic Times. 무단전재-재배포 금지]