CBE Reviews Activating Industry, Construction Sectors with Banks

The Central Bank of Egypt (CBE) is considering supporting and activating the construction and industry sectors with the banks which have been operated in the banking sector.

An official source in CBE explained that the bank has held a meeting with the representatives of the banks operated in the banking sector within the last week in order to look into the banks’ proposals for the activation of construction and industry sectors.

The source has informed Amwal Al Ghad that the banks have commissioned to study its proposals in order to activate the two vital sectors and to provide it to the CBE after finalizing it.

In the beginning of 2013, in the framework of CBE’s role to support the national economy an imitative has launched to support the tourism sector the faltering of many bank customers in these vital sectors.

The Governor of CBE, Hisham Ramez stated that it is scheduled to renew the imitative which will be finalized during the next of February.

The industry sector has suffered from major problems due to the political and security turmoil in the last years which led to raising the numbers of the factories in default.

Mounir Fakhry Abdel Nour, Minister of Industry and Foreign Trade said a deposit with EGP500 million will be pumped in the National Bank of Egypt (NBE), and Banque Misr to support the factories in default among the state’s plan to help the industry sector.

The banks affirmed that it did not receive any information regarding the deposit which has been announced the Minister.

The total dues of contracting companies with the government attained about EGP13 billion in the same context, Minister of Planning Dr. Ashraf al-Arabi said it is scheduled for the government to pay about EGP2.5 billion of Contractors dues before the end of this year, according to the Federation of Contractors commission.

Within the framework of the protocol signed by NBE with Housing Minister, it has been pumped around EGP600million for contractor companies within the Initiative reimbursement contractors to be repaid for the bank by the government and guaranteed by the Ministry of Finance,

The Central Bank of Egypt (CBE) is considering supporting and activating the construction and industry sectors with the banks which have been operated in the banking sector.

An official source in CBE explained that the bank has held a meeting with the representatives of the banks operated in the banking sector within the last week in order to look into the banks’ proposals for the activation of construction and industry sectors.

The source has informed Amwal Al Ghad that the banks have commissioned to study its proposals in order to activate the two vital sectors and to provide it to the CBE after finalizing it.

In the beginning of 2013, in the framework of CBE’s role to support the national economy an imitative has launched to support the tourism sector the faltering of many bank customers in these vital sectors.

The Governor of CBE, Hisham Ramez stated that it is scheduled to renew the imitative which will be finalized during the next of February.

The industry sector has suffered from major problems due to the political and security turmoil in the last years which led to raising the numbers of the factories in default.

Mounir Fakhry Abdel Nour, Minister of Industry and Foreign Trade said a deposit with EGP500 million will be pumped in the National Bank of Egypt (NBE), and Banque Misr to support the factories in default among the state’s plan to help the industry sector.

The banks affirmed that it did not receive any information regarding the deposit which has been announced the Minister.

The total dues of contracting companies with the government attained about EGP13 billion in the same context, Minister of Planning Dr. Ashraf al-Arabi said it is scheduled for the government to pay about EGP2.5 billion of Contractors dues before the end of this year, according to the Federation of Contractors commission.

Within the framework of the protocol signed by NBE with Housing Minister, it has been pumped around EGP600million for contractor companies within the Initiative reimbursement contractors to be repaid for the bank by the government and guaranteed by the Ministry of Finance,

It is scheduled to pump EGP400million so the total funding went up by EGP1billion.