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Monday, 11 May 2020

CBE may extend subsidized loan program to contractors

CBE may extend subsidized loan program to contractors: CBE Governor Tarek Amer will propose allowing contractors to access subsidized loans under the bank’s EGP 100 bn industry stimulus initiative at the next board meeting, he said in an interview with MENA picked up by the local press. Amer stressed the importance of the industry, saying it should receive support alongside finance, industry and agriculture.

Background: Launched in December by the central bank the initiative provides subsidized loans with a declining 8% interest rate to medium-sized factories. The program was expanded in March to include agricultural companies. The news comes just days contractors met with Prime Minister Moustafa Madbouly to request access to subsidized loans and receive faster payment for work done on public contracts.

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