Regulatory Alerts2023-03-07
A circular dated March 7, 2023 regarding the Council of Ministers’ approval to issue an initiative to finance industrial and agricultural private sector companies in accordance with the Ministry of Finance’s specifications at a decreasing rate of return of 11%.
The letter, addressed to the Chairman of the Board, refers to a document from the Central Bank dated November 21, 2022, which includes a decision by the Prime Minister regarding the mechanism for working with existing initiatives, the applicable interest rate, and the mechanism and periodicity of compensation. It also mentions that the Ministry of Finance will manage and follow up on new and future initiatives or any modifications to existing ones, per the resolution's regulations and provisions. The letter then informs that the Cabinet has approved an initiative to finance private sector companies and establishments in industrial, agricultural, and renewable energy activities with a reduced interest rate of 11%. Finally, it requests that the necessary action be taken to implement this initiative.