Cairo – Mubasher: Egypt’s prime minister Mostafa Madbouly unveiled on Wednesday an EGP 100 billion initiative to fund businesses in the industrial sector.

The funding will be offered at a declining rate of 10%, Madbouly said in a press conference.

Businesses contributing to the reduction of Egypt’s imports will have the funding priority.

Furthermore, the prime minister revealed another initiative aiming to support and reduce burdens for financially-struggling factories.

Central Bank of Egypt’s (CBE) governor Tarek Amer added that the initiative will support 96,000 industrial institutions and 5,184 factories, with the priority given for manufacturers of products replacing imports.

Such factories will be exempted from accrued unpaid interest worth EGP 31 billion, if they repaid 50% of debt principal, so they could resume their operations, Amer stated.