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Egypt Vows $6 Billion to Support Industry as Part of Economic Revamp

  • Initiative will provide reduced interest loans to factories
  • Private sector struggled after the 2016 currency devaluation
Tailors work in a textile factory north of Cairo.

Tailors work in a textile factory north of Cairo.

Photographer: Khaled Desouki/AFP via Getty Images

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Egypt on Wednesday launched a 100 billion pound ($6.2 billion) initiative to support local industry, as the nation looks to boost private sector growth in the next phase of its economic revival program.