CBE may add contracting sector to industrial initiative

The Central Bank of Egypt (CBE) considers adding the contracting sector to its 100 billion Egyptian pounds initiative to fund businesses in the industrial sector at a declining interest rate of 8 percent,  according to the CBE’s governor Tarek Amer as saying.

Amer revealed plans to broaden the base of beneficiaries of the industrial support initiative by adding the contracting sector which has been hardly hit by the coronavirus (COVID-19) outbreak.

In December 2019, the CBE announced an initiative to fund businesses in the industrial sector at a declining rate of 10%, and in March, the CBE reduced the rate to 8% and added the agricultural export sector to the initiative.