Cairo - Mubasher: The head of the Industrial Development Authority (IDA) Magdy Ghazi, and chairwoman of the Export Development Bank of Egypt (EBE) Mervat Sultan signed a cooperation protocol to provide financing and credit facilities for small and medium-sized industrial projects.
The collaboration is in line with a series of protocols sealed by the IDA with banks to support the presidential initiative to promote the micro, small and medium-sized industries, "Your factory is ready with licenses" initiative, according to an official statement on Tuesday.
Under the initiative, industrial zones will be established for small investors with the aim to encourage industrial investments, develop the domestic product while providing job opportunities to youth.
The protocol will see EBE provide low-interest financing solutions to allocate industrial zones to investors, with up to 100% coverage of the total unit value, coupled with finance repayment periods that could reach 10 years at a declining interest rate up to 5%, Ghazi explained.
The "Your factory is ready with licenses" initiative comes in the framework of the trade and industry ministry's plan to support the small and medium-sized enterprises (SMEs) sector. It further aims to offer 13 industrial specialised complexes for SMEs in 14 governorates, he concluded.
