Circular dated March 25, 2020 regarding adding companies operating in the agricultural field to benefit from the private industrial sector initiative

Cairo on: March 25, 2020
To: Chairman of the Board of Directors
Bank

Greetings,

With reference to the Central Bank of Egypt's initiative dated December 12, 2019, and its subsequent circulars regarding the availability of financing for companies operating in the private industrial sector in the amount of 100 billion Egyptian pounds at an annual interest rate of 8% (declining simple interest) through banks to be used in granting credit facilities to companies whose annual turnover or revenues range from 50 million Egyptian pounds to 1 billion Egyptian pounds,

And in light of the Central Bank of Egypt's keenness to support and assist the agricultural sector, the following has been decided:

Adding companies operating in the agricultural field and agricultural production and processing, including export and packing stations for agricultural goods, cold storage, and others, as well as fish, poultry, and animal wealth, whose annual turnover or revenues range from 50 million Egyptian pounds to 1 billion Egyptian pounds, to benefit from the private industrial sector initiative mentioned above, in accordance with the conditions mentioned in the initiative.

This, while emphasizing the continued validity of the initiative issued on July 12, 2017, under which credit facilities are granted at a low interest rate of 5% (declining simple interest) to small companies and establishments operating in the agricultural field and agricultural processing, and others, whose annual turnover or revenues range from 250,000 Egyptian pounds to less than 50 million Egyptian pounds.

Please be so kind as to alert regarding taking the necessary action in this regard as of its date.