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CBE extends EGP 100bn initiative to contracting sector

CBE extends EGP 100bn initiative to contracting sector
Eligibility is for businesses with annual sales of over EGP 50 million

Cairo – Mubasher: The Central Bank of Egypt (CBE) decided to broaden the base of beneficiaries of the EGP 100 billion industrial support initiative to include the contracting sector.

The initiative involves offering loans at a declining rate of 8% through banks to the industrial, agricultural, and now contracting businesses with annual sales of more than EGP 50 million, the CBE said in a statement on Wednesday.

This move came in line with the government’s efforts to support economic activities hit by the coronavirus (COVID-19) outbreak.

On Sunday, the CBE’s governor Tarek Amer revealed that the CBE’s board of directors would discuss extending the initiative to the contracting sector in its meeting.