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CBE extends EGP 100bn initiative to new medium-sized enterprises - Daily News Egypt

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CBE extends EGP 100bn initiative to new medium-sized enterprises

The initiative was set up to provide loans at a decreasing interest rate of 8% to private sector companies in Egypt’s industrial, agricultural and contracting sectors.


The Central Bank of Egypt (CBE) has extended its EGP 100bn initiative to both newly established medium-sized companies and small businesses affiliated with major entities.

The initiative was set up to provide loans at a decreasing interest rate of 8% to private sector companies in Egypt’s industrial, agricultural and contracting sectors.

The CBE said the decision ensures support for these companies and aid their growth through a reduced cost of borrowing, especially in light of the consequences of the coronavirus (COVID-19) pandemic.

The CBE elaborated that the initiative includes newly established companies that are classified as “medium-sized companies”. This is defined according to their paid-up capital until financial statements are available, based on their data classification on the size of their business.

The extension of the decision also includes small-sized companies affiliated to large entities and institutions or clients with high financial solvency.

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https://dailyfeed.dailynewsegypt.com/2020/06/18/cbe-extends-egp-100bn-initiative-to-new-medium-sized-enterprises/
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