Regulatory Alerts2019-12-15
Added · Updated
Circular dated December 12, 2019 regarding the private industrial sector initiative
The Central Bank of Egypt authorizes the allocation of 100 billion EGP through banks at a 10% annual reducing interest rate to provide credit facilities to private industrial companies with annual revenues between 50 million and 1 billion EGP. Banks are compensated for the interest rate difference every three months based on a spread of plus 2% minus 10%. The initiative prioritizes export, import substitution, and renewable energy companies, mandates that funds be used for working capital or capital equipment, and requires gradual repayment or rate adjustments if a borrower's revenue falls outside the specified range.
Topics
monetary
credit
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