Governor of the Central Bank of Egypt Hassan Abdullah lauded the role played by the State and the private sector in developing the industry sector in Egypt, stressing the necessity of exerting more efforts to upgrade this sector.
Speaking at a session, titled “roadmap to develop the industry sector: challenges and mechanisms to stimulate it” as part of the activities of the Egypt Economic Conference, the CBE governor said that the trade sector is much easier to deal with compared to the industry sector, which needs great efforts for its development.
He also cited the presidential initiative entitled “Ibdaa” related to the national industrial localization and import substitution.
For his part, the deputy governor of the CBE, Gamal Negm underlined the necessity of developing industrial capabilities with the view to achieving sustainable development in the country, saying that the Central Bank and the banking sector are keen on developing the industry sector in Egypt.
Negm said that there has been an increase in lending rates to the industry sector over the past three years, which asserted that the State paid attention to this sector.
He also stressed that the industrial sector has acquired the bulk of the sectors benefiting from the lending and discount balances provided by the banking system.
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