Egypt finances SME sector from its $6.2 billion support initiative

Egypt finances SME sector from its $6.2 billion support initiative
Cars drive past the Egyptian Central Bank in downtown Cairo on November 3, 2016. Egypt floated the country's pound as part of a raft of reforms, after a dollar crunch and exorbitant black market trade threatened to grind some imports to a halt. (File/AFP)
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Updated 20 June 2020

Egypt finances SME sector from its $6.2 billion support initiative

Egypt finances SME sector from its $6.2 billion support initiative
  • The initiative was taken to help the coronavirus-affected businesses recover by offering loans at an eight percent decreasing interest rate

DUBAI: Egypt has included small and medium-sized enterprises to its $6.2 billion financing initiative to help support the industrial, agricultural and construction sectors, local daily Al-Ahram online reported.
The initiative was taken to help the coronavirus-affected businesses recover by offering loans at an eight percent decreasing interest rate, the Egyptian central bank said in a statement.
The bank also allocated on June 17 about $185 million for salary payments in the tourism sector, which was taken out of the $3.1 billion fund earmarked for the industry’s recovery efforts. It has earlier advised tourism-related entities not to cut their workforce if they wanted to benefit from the initiative.