By Mostafa Adel

Cairo – Mubasher: Egypt’s Minister of Trade and Industry Tarek Kabil approved Sunday constituting a joint committee to consider financing factories that import raw materials.

The financings will be granted at low interest rates reaching 12%, said the minister Monday on the sidelines of cotton industry development’s conference, adding that the committee will examine their capacity for repayment.

The committee will be constituted between the ministry and the federation of industries, the minister revealed.

On 3 November, the Central Bank of Egypt decided to free float the Egyptian Pound and to hike key interest rates by 3%.