Egypt launches initiative to support industry, agriculture with loans

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Egypt launches initiative to support industry, agriculture with loans

STORY: Egypt launches initiative to support industry, agriculture with loans DATELINE: Feb. 19, 2023 LENGTH: 00:00:50 LOCATION: Cairo CATEGORY: ECONOMY SHOTLIST: 1. various of the headquarters of Finance Ministry in Cairo 2. various of Egypt's Finance Minister Mohamed Maait speaking 3. various of banknotes counting STORYLINE: Egypt's Finance Ministry announced on Saturday the details of the new initiative that aims to support the productive sectors by allowing 150 billion Egyptian pounds (about 4.9 billion U.S. dollars) in soft loans available at 11 percent interest rate for agricultural and industrial projects. The initiative came after the announcement made by the International Monetary Fund (IMF) last month outlining Egypt's commitments under a fresh 3-billion-USD loan deal approved in December. The ministry stressed that the state's public treasury bears 10 billion Egyptian pounds annually. According to Mohamed Maait, Egypt's Finance Minister, 140 billion Egyptian pounds are allocated to finance wor

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