Written by: Fathi Al-Sayeh
The Federation of Small and Medium Enterprises calls on investors to be reassured and completing their projects in accordance with the new conditions. Over the past years
Alaa Al-Saqati, Chairman of the Federation of Small and Medium Enterprises Investors, confirmed that negotiations are under way with the government to issue new land procedures. The industrial area will make a breakthrough in providing a large number of unused lands belonging to the factories located in the old and attached industrial cities, and will give opportunities for owners to freely dispose of them in order to increase local production.
This came on the sidelines of Prime Minister Dr. Mostafa Madbouly’s meeting with Dr. Mohamed Moait, Minister of Finance, Mr. Al-Qusayr, Minister of Agriculture, Essam Omar, Deputy Governor of the Central Bank, Eng. President of the Federation of Industries yesterday to review the features of the new initiative to support the productive sectors. And providing soft financing to him, while allocating part of it to financing production lines, where it was agreed to provide financing with an interest rate of 11% for the industrial sector for a period of five years with a portfolio worth 150 billion pounds, of which about 140 billion pounds financing working capital operations and 10 billion financing production lines and capital goods. 2023 Al-Soqati welcomed the government’s tendency to hold continuous consultations with investors to discuss new decisions and initiatives related to the production sector, stressing that all The parties are currently focusing on one goal, which is to increase domestic production and replace imports, because of the great opportunities it contains to support the local industry and achieve profits from the sales of the local market at the present time and support the overall economy of Egypt.
01 Alaa Al-Saqati called on all Egyptian, foreign and Arab investors to be reassured, not to be led by rumors, and to proceed with their projects on Egyptian soil. He stressed that the confusion witnessed in the economic arena during the past days due to the floating of the pound was expected and required for months, indicating that the market is able to absorb these changes and things will return to normal once the conditions are reconciled according to developments in the currency price, which is expected to gradually decline again with Increasing production and export and the feeling of traders not having to store foreign currency due to its circulation in banks at its fair price.
He added that there are many Among the rumors raised by some media channels and foreign banks lurking in the Egyptian economy in the form of analyzes and assessments that do not take into account honesty in reviewing economic indicators and focus on parts and leave other parts, which causes an increase in citizens’ fears and distress about high prices and causes more frustration in the markets, although in reality the markets It does not stop, and we did not witness the disappearance of any of the basic commodities for citizens from stores.
He stressed that the Egyptian government did not violate any agreements or contracts. With any investor over the past years, there is clear transparency in reviewing government policies Which is being applied, but there are those who misuse it to distort the image of the Egyptian economy abroad and inject the citizen at home.
Regarding the rise in prices Compared to salaries, he stressed that there is indeed a tendency to rationalize consumption compulsory for many segments of society, and this will result in a state of market shrinkage temporarily. Salaries for workers in the private sector gradually after the institutions absorbed the market variables, as we have witnessed over the past years, because the stability of employment is one of the most important factors for the stability of all economic establishments.