Cairo: Minister of Industry Khaled Hashem met with a delegation from First Abu Dhabi Bank Misr (FABMISR), led by CEO Ahmed Eissa, to explore strategies for financing industrial projects. The discussions focused on enhancing cooperation and developing innovative financing solutions to boost local production.

According to State Information Service Egypt, the meeting delved into strengthening partnerships between the bank and industrial sectors. The focus was on aligning with industrial development goals and directing financing tools toward economically viable projects. The dialogue emphasized prioritizing export-oriented projects to enhance the competitiveness of Egyptian products in international markets.

The meeting also considered leveraging current financing initiatives in collaboration with the Ministry of Finance and the Central Bank. These initiatives aim to reduce the financial burden on manufacturers, expand access to affordable financing, and support expansion and production plans in the industrial sector.

Minister Hashem highlighted the potential for cooperation between the bank and Egypt's 11 industrial developers from both local and foreign private sectors. He noted the ministry's goal to increase this number to over 30 industrial developers. The minister also pointed out the bank's capacity to finance small and medium-sized enterprises (SMEs), aligning with the ministry's focus on developing and expanding these projects.

Khaled Hashem announced plans to launch investment funds that will enable citizens to invest in the industrial sector. The first fund is set to launch in July, representing a significant advancement in financing mechanisms and support for local production.