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Monday, 29 June 2020

Central Bank of Egypt to hedge against loans to larger firms

CBE Credit Guarantee Company will guarantee loans by banks under EGP 100 bn stimulus program: The Central Bank of Egypt has launched a new initiative to hedge against part of the risk associated with bank lending under its EGP 100 bn initiative to extend low-interest loans to industrial, agricultural, and construction firms. The bank said in a circular that EGP 7 bn will be set aside for its recently formed Credit Guarantee Company, expanding the scope of the company to guarantee loans to larger companies alongside its current focus on SMEs.

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