Egypt aims to increase the value of industrial investments by about 10% during 2024 to reach at least $3.6 billion, compared to $3.3 billion in 2023, the head of the Egyptian Commercial Representation Authority, Yahya El Wathiq Billah said during an interview with Ashraq Bloomberg.

El Wathiq Billah added that the new investments will include the sectors of medicine, agricultural manufacturing, petrochemicals, food and beverages, and building materials.

He added that the accomplished industrial projects totaled $1.3 billion, while the pending projects are still under negotiation.

The Cabinet agreed in early April to continue the initiative to support the interest of stimulating financing facilities for productive sectors at an interest rate of 11%.

In March, Minister of Finance, Mohamed Maait, announced that Egypt will provide EGP 120 billion in soft financing for agricultural and industrial production activities with an interest rate not exceeding 15%.

These funds will be distributed as follows: EGP 105 billion to finance working capital and EGP 15 billion to purchase machinery, equipment, or production lines.

Egypt targets $12 billion in foreign direct investments during FY2023/2024, compared to $10 billion in FY2022/2023, according to previous statements by the CEO of the General Authority for Investment and Free Zones (GAFI), Hossam Heiba.