CBE extends EGP 100bn initiative to cover more companies

The Central Bank of Egypt (CBE) announced that more private-sector companies in the industrial, agricultural, and contracting sectors will be allowed to obtain loans under the EGP 100 billion initiative for the industrial sector.

Newly-established companies, under the category of medium-sized companies, will be able to benefit from the initiative based on the paid-up capital until the release of their financial results upon which they will be categorised, according to a statement on Thursday.

Moreover, small-sized companies owned by larger entities or high-solvency customers will also be allowed to obtain loans under the initiative.

The initiative involves offering loans at a declining rate of 8% through banks to the industrial, agricultural, and contracting businesses with annual sales of more than EGP 50 million.