By: Islam Fadl

Cairo – Mubasher: Banks in Egypt have provided EGP 2.8 billion in finances as part of an initiative to support industrial projects, according to deputy governor of the Central Bank of Egypt (CBE) Gamal Negm.

The number of beneficiaries from the CBE’s initiative, launched late last year, reached 115 by 20 February, Negm said in a press event on Wednesday.

About 13 clients received finances for machinery, equipment, and production lines, while 102 received funds to finance their working capital.

Last December, the Egyptian government launched an EGP 100 billion initiative with the CBE to fund industrial projects.