Regulatory Alerts2021-03-15
A circular dated March 15, 2021 regarding financing gas dues from ceramic companies within the private industrial sector initiative
The letter, dated March 15, 2021, is addressed to the Chairman of the Board of Directors of a bank in Cairo, Egypt. It refers to an initiative to finance the private industrial, agricultural, and contracting sectors, with a total allocation of 100 billion Egyptian pounds through banks at an 8% interest rate. The letter mentions a decision by the Egyptian Prime Minister to reschedule the debt of ceramic and porcelain companies to natural gas companies over 10 years, on the condition that these companies pay an initial installment of 25% of their outstanding natural gas dues. To support this sector, a series of meetings were held with representative companies, and it was agreed that banks would finance the aforementioned down payment.
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credit
payments
monetary