CBE announces EGP 5bn loan programme for industry, manufacturing

Hossam Mounir
1 Min Read

The Central Bank of Egypt launched an initiative Monday designed to provide loans to medium-sized companies operating in industrial and agricultural sectors.

The loans will be allocated for the purchase of machines and equipment to expand production capacity, and will have a decreasing interest rate initially set at 7%.

According to the CBE’s statement, the initiative aims to grant medium and long-term soft loans to finance machinery, equipment and production lines. The expected sales volume of these purchases ranges from EGP 20m to EGP 100m.

The CBE’s loan programme provides for a 10-year repayment period. Applicants can apply for one loan package and may receive a maximum of EGP 20m from one bank.

The CBE has allocated EGP 5bn for its new loan programme, a figure it will make available to banks in March 2016.

The initiative comes alongside a series of others taken by the CBE—in coordination with the Egyptian state’s general policy framework to support small and medium sized enterprises— to support the manufacturing and agriculture.


Share This Article
Leave a comment