CBE deletes sales cap on EGP 100bn industry support initiative

 Central Bank of Egypt (CBE) cancelled the annual sales cap of 1 billion Egyptian pounds required to qualify for its 100 billion pounds initiative aimed at supporting industrial, agricultural, and aquaculture production companies.

The move comes in a bid to expand the base of beneficiaries, allowing medium-sized factories, whose sales exceed 50 million pounds access to subsidised loans.

The CBE said the decision came in view of the challenges caused by the ongoing coronavirus (COVID-19) pandemic and the expected economic and social impacts.

The cap cancellation is also designed to strengthen the economy and reduce the burdens on large companies, enabling them to continue functioning whilst retaining their employees.

The CBE added that the decision aims to maximise the benefit of its initiative issued at the end of the previous year, which provides loans at an 8% interest rate through banks.

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