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CBE offers EGP 69bn under industry support initiative

CBE offers EGP 69bn under industry support initiative
The CBE launched an initiative to support the industrial sector in December 2019

Cairo – Mubasher: The Central Bank of Egypt (CBE) has provided a total of EGP 69 billion in funding to 4,291 industrial, agricultural, and contracting businesses under its industry support initiative, an official source told the Middle East News Agency (MENA).

The funding provided to purchase feedstock and production requirements amounted to EGP 66.5 billion, while a total of EGP 2.3 billion was offered to finance the purchase of new machines, equipment, and production lines, the source added. 

In December 2019, the CBE launched an initiative to support the industrial sector by issuing a guarantee worth EGP 100 billion for offering loans at a declining rate of 10%.

Afterwards, the contracting and agricultural sectors were added to the initiative and the interest rate on loans was reduced to a declining rate of 8%.