Please answer a question about the following article about Gamal Abdel Nasser:

During the presidential referendum in Egypt, Nasser was re-elected to a second term as UAR president and took his oath on 25 March 1965. He was the only candidate for the position, with virtually all of his political opponents forbidden by law from running for office, and his fellow party members reduced to mere followers. That same year, Nasser had the Muslim Brotherhood chief ideologue Sayyed Qutb imprisoned. Qutb was charged and found guilty by the court of plotting to assassinate Nasser, and was executed in 1966. Beginning in 1966, as Egypt's economy slowed and government debt became increasingly burdensome, Nasser began to ease state control over the private sector, encouraging state-owned bank loans to private business and introducing incentives to increase exports. During the 60's, the Egyptian economy went from sluggishness to the verge of collapse, the society became less free, and Nasser's appeal waned considerably.

What economic element did Nasser try to encourage with bank loans?
private sector