Gov’t to give industrial investors some breathing room: The Madbouly cabinet approved giving the Industrial Development Authority (IDA) the power to cancel or discount penalties to industrial players that fail to deliver projects on time, it said in a statement following its weekly meeting. Projects delayed on the back of the pandemic will be given an additional 4.5 months before being being hit with penalties, while a six-month grace period will be applied to those that miss deadlines due to current economic challenges. Meanwhile, companies working on larger projects exceeding 50k square meters will be able to deliver them in stages providing they complete them within five years of receiving the land.

This is the latest in a list of measures designed to support the industrial sector in response to the economic crisis triggered by the war in Ukraine. The Madbouly cabinet announced in the wake of the latest currency devaluation earlier this month that it would continue offering subsidized loans at a slightly higher 11% rate to support companies in the industrial and agriculture sectors. It has also recently made it easier for firms to acquire on-stop golden licenses for new industrial and infrastructure projects.

Real estate players want similar treatment: Real estate developers recently called on the government to extend their deadlines by up to 12 months and waive late delivery fines to help them weather the current bout of inflation and exchange rate volatility.

Industry reps meet with Madbouly, Samir: Prime Minister Moustafa Madbouly and Trade and Industry Minister Ahmed Samir discusses industrial development last week with representatives of manufacturers, according to a cabinet statement. The two sides discussed accelerating the payment of export subsidies and the rollout of the new subsidized loans initiative to replace a program previously funded and administered by the Central Bank of Egypt, the statement said.

Samir talks localization with World Bank officials: Samir met with World Bank officials to discuss the ministry’s efforts to localize industrial production and boost exports, especially to African countries, according to a ministry statement. The government is aiming to increase exports to USD 100 bn a year by the middle of the decade, up from USD 43.9 bn in FY 2021-2022. The government has launched a national initiative to help accelerate the localization of industrial production and lower the country’s reliance on imported goods.