Egypt will launch an EGP200bn fund to guarantee consumer loans, mortgages, says Maait

The government will  launch an new holding fund of up to 2 billion Egyptian pounds in loans in an effort to stimulate lending and support consumer spending amid a slump in demand caused by the covid-19 pandemic, Finance Minister Mohamed Maait announced yesterday (pdf).

The yet unnamed fund aims to increase consumer capabilities among citizens, he said during the inauguration of a number of national projects.

The new fund will encourage industrial, service, real estate and consumer financing companies to lend and bankroll citizens, the minister added.

The government will set up a number of “specialized arms” of the fund to manage different financial matter at some point in the future that will serve as a tool to reduce risks.