Cairo - Mubasher: Egyptian minister of trade and industry Tarek Kabil said on Monday that the Industrial Development Authority (IDA) has approved a total of EGP 21.3 billion ($239.84 million) in loans during the first half of 2016.

The loans will be used to finance a total of 1,306 projects, with a growth rate of 19%, according to an official statement.

Kabil said that the ministry aims to increase direct investments in the industrial sector, the statement added.

In the same period last year, total loans amounted to EGP 2.03 billion ($228.58 million) and were used to finance 1,099 projects.