Circular dated May 13, 2020 regarding allowing the contracting sector to benefit from the private sector industrial initiative

Cairo: May 13, 2020

To: Chairman of the Board of Directors
Bank

Greetings,

With reference to the Central Bank of Egypt's initiative issued on December 12, 2019, and its subsequent circulars regarding making available an amount of 100 billion Egyptian pounds through banks at an annual declining interest rate of 8% to finance organized industrial private sector companies and companies operating in the agricultural field with annual turnover/revenues of 50 million Egyptian pounds or more.

And in light of the Central Bank's constant commitment to supporting vital economic sectors, and with the aim of mitigating the repercussions of the new coronavirus crisis on the current challenges facing all economic activities, including the contracting sector, the Board of Directors of the Central Bank decided in its meeting held on May 10, 2020 the following:

Allowing companies operating in the contracting sector with annual turnover/revenues of 50 million Egyptian pounds or more to benefit from the aforementioned private sector industrial and agricultural initiative, in accordance with the conditions mentioned in the initiative.

Please be kind enough to alert regarding taking the necessary action in this regard effective from this date.

Tarek Amer