The Industrial Development Authority and the Federation of Egyptian Industries held a meeting on May 9 to review the progress of several state-backed financing programs for the industrial sector.
IDA Chairperson Nahed Youssef met with FEI Deputy Chairperson Mahmoud Serge to discuss ways to improve the effectiveness of existing financing initiatives and address investor concerns.
The review covered the EGP 150bn working capital financing initiative launched in 2023, a proposed EGP 3bn program for restructuring distressed factories, and the EGP 30bn soft financing initiative for machinery and equipment purchases. The latter currently supports nine priority sectors and over 70 industrial activities.
Youssef stated that proposals from the meeting would be studied in coordination with relevant authorities. FEI Executive Director Khaled Abdel-Azim noted that the first meeting of the Financing Committee is scheduled to take place next week.