2020-05-14

A circular dated May 13, 2020 regarding allowing the contracting sector to benefit from the private sector industrial initiative

In a letter dated May 13, 2020, the Governor of the Central Bank of Egypt discusses the bank's initiative launched on December 12, 2019 to provide companies in industrial and agricultural sectors with loans up to EGP 50 million annually, at an interest rate of 8%. He also mentions that due to the ongoing COVID-19 crisis, the Central Bank's Board of Directors decided on May 10, 2020, to allow private sector companies operating in the agriculture and industrial sectors, whose annual revenues are above EGP 50 million, to benefit from this initiative according to its terms. The letter requests entities to take the necessary measures considering this decision effective as of the mentioned date.

Egypt

Central Bank of Egypt

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