Regulatory Alerts2021-04-05
A circular dated April 5, 2021 regarding municipal bakeries benefiting from the small companies initiative at a return rate of 5% to finance the process of switching to natural gas.
In line with the Egyptian government's push for energy diversification and environmental considerations, the Central Bank of Egypt has signed a cooperation protocol with the Ministry of Supply and Internal Trade to facilitate bakeries' transition from diesel to natural gas. This initiative falls under the Central Bank's 2016 program to offer low-interest loans to small businesses, with a 5% simple decreasing return rate. The Central Bank of Egypt's Board of Directors has decided to allow municipal bakeries to benefit from this initiative without a minimum turnover requirement, provided they meet specific conditions, including obtaining a letter from the Ministry of Supply and opening an account with the funding bank.
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monetary
credit