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CBE announces EGP 5bn loan programme for industry, manufacturing - Daily News Egypt

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CBE announces EGP 5bn loan programme for industry, manufacturing

The loans will be allocated for the purchase of machines and equipment to expand production capacity, and will have a decreasing interest rate initially set at 7%


The Central Bank of Egypt launched an initiative Monday designed to provide loans to medium-sized companies operating in industrial and agricultural sectors.

The loans will be allocated for the purchase of machines and equipment to expand production capacity, and will have a decreasing interest rate initially set at 7%.

According to the CBE’s statement, the initiative aims to grant medium and long-term soft loans to finance machinery, equipment and production lines. The expected sales volume of these purchases ranges from EGP 20m to EGP 100m.

The CBE’s loan programme provides for a 10-year repayment period. Applicants can apply for one loan package and may receive a maximum of EGP 20m from one bank.

The CBE has allocated EGP 5bn for its new loan programme, a figure it will make available to banks in March 2016.

The initiative comes alongside a series of others taken by the CBE—in coordination with the Egyptian state’s general policy framework to support small and medium sized enterprises— to support the manufacturing and agriculture.

 

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https://dailyfeed.dailynewsegypt.com/2016/02/22/cbe-announces-egp-5bn-loan-programme-for-industry-manufacturing/
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