Regulatory Alerts2024-04-07
Added · Updated
Circular dated March 6, 2024 regarding reviewing and purifying foreign exchange management requests reports
The Cabinet approved amendments to a financing initiative for industrial and agricultural private sector companies, effective April 4, 2024. The maximum interest rate payable by clients is increased from 11% declining to 15% declining, with a review scheduled within three months. The maximum financing limit per single client is raised to 100 million EGP and to 112.5 million EGP for a client with related parties, allowing a total of 150 million EGP. These changes apply to new loans and working capital financing withdrawals, while existing contracts retain the previous 11% declining rate.
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