Cairo Chamber Opens EGP100 mln Deposit To Spend On Its Ventures

Cairo Chamber of Commerce in Egypt has determined to open a deposit at value of EGP 100 million for its traders. The deposit will enable the chamber to get EGP 60 million loan in order to spend them on different ventures.

Eng. Ibrahim Al Araby, Head of Cairo Chamber of Commerce,  said EGP 378.1 million are the chamber’s dues from the traders since November 2012; pointing out to forming a committee, included some of the chamber’s and the communications division,  to collect this sum and select the dank in which the sum would be deposited.

Al Araby indicated that the chamber submitted a memorandum to the Governor of the Central Bank of Egypt (CBE), in which he demanded financial support for the chamber, ratifying the difference of currency’s price between the banks and the parallel markets and finding solutions to provide the dollars for the producers in order to facilitate importing the needs of operating the factories.