(MENAFN- Daily News Egypt) Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir, together with Minister of Finance Ahmed Kouchouk, announced the continuation of the government's initiative to support industrial, agricultural, and renewable energy sectors, aimed at encouraging the private sector to expand investment, boost production, and sustain economic growth.

Under the initiative, a total of EGP 90bn in financing facilities will be made available during the current fiscal year at an interest rate not exceeding 15%. Of this amount, EGP 80bn will be allocated for working capital, while EGP 10bn will support the purchase of machinery and equipment.

According to a joint statement issued by the Ministries of Industry and Finance, the initiative reflects the government's commitment to enhancing the productive capacity of factories, increasing the industrial sector's contribution to the national economy, and generating more employment opportunities for youth.

The statement added that the state treasury will bear EGP 8bn this year as the interest rate differential under the initiative, maintaining this value without the previously planned 20% reduction. This measure is designed to ease financing costs for investors, manufacturers, and farmers, while also stimulating local production, supporting Egyptian exports, and enhancing their competitiveness in global markets.

The Ministry of Finance reaffirmed its ongoing efforts to reduce financial burdens on investors and promote public-private partnerships, which play a key role in driving private investment and supporting Egypt's broader economic reform agenda.

The government underscored its continued commitment to stimulating economic activity and achieving sustainable, high growth rates led by the private sector, through expanding production, increasing exports, and fostering a competitive and investment-friendly business climate.

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