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Reading: CBE extends EGP 100bn initiative to new medium-sized enterprises
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Dailynewsegypt > Blog > Business > CBE extends EGP 100bn initiative to new medium-sized enterprises
Business

CBE extends EGP 100bn initiative to new medium-sized enterprises

Daily News Egypt
Last updated: 2020/06/18 at 7:26 PM
By Daily News Egypt 1 Min Read
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Central Bank of Egypt CBE Daily News Egypt
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The Central Bank of Egypt (CBE) has extended its EGP 100bn initiative to both newly established medium-sized companies and small businesses affiliated with major entities.

The initiative was set up to provide loans at a decreasing interest rate of 8% to private sector companies in Egypt’s industrial, agricultural and contracting sectors.

The CBE said the decision ensures support for these companies and aid their growth through a reduced cost of borrowing, especially in light of the consequences of the coronavirus (COVID-19) pandemic.

The CBE elaborated that the initiative includes newly established companies that are classified as “medium-sized companies”. This is defined according to their paid-up capital until financial statements are available, based on their data classification on the size of their business.

The extension of the decision also includes small-sized companies affiliated to large entities and institutions or clients with high financial solvency.

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TAGGED: CBE, medium-sized enterprises
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Previous Article The new law on tax delinquency penalty relief, which the Parliament approved on Monday, is set to apply to all state dues, Minister of Finance Mohamed Maait said on Tuesday. Daily News Egypt Budget deficit at 6.3%, expected to reach 7.5% amid COVID-19: Finance Minister
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