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 on Tuesday, Mabdouli said that today’s session is considered to be one of the most important sessions at the conference.

The decisions which were adopted by the Central Bank of Egypt (CBE) in coordination with the government in the issue related to the documentary credits came after the country saw an exodus of around dlrs 25 billion in outflows in less than one month, he added.

Egypt aimed to limit the amount of dollars exiting the market in order to keep the country stable, he went on to say.

It is crucial to finalise the issue related to documentary credits, he said, adding that there are directives issued by President Abdel Fattah El Sisi to resolve this issue in less than two months.

“There are procedures in coordination with the CBE to come out of the crisis of the documentary credits,” he added.

As for the facilitations related to land allocation procedures, Madbouli said that a central committee has been formed in this respect.

The Industrial Development Authority (IDA) has been assigned to issue the entire license on behalf of all parties, he added.

The State rules out any option related to the closure of any entity, he affirmed.

He, meanwhile, said that the State will give a chance to any factory not complying with environmental regulations to adjust its status.