Cairo – Mubasher: The Central Bank of Egypt (CBE) announced the launch of a new initiative pledging EGP 7 billion in favour of Credit Guarantee Company to cover the risks related to major corporate funding offered by banks.
This is in line with the CBE’s board of directors’ decision on 13 December 2017 for the issuance of a guarantee of EGP 2 billion to cover part of the risks accompanying financing micro-, small- and medium-sized enterprises (MSMEs), according to a statement.
The initiative is also in light of the CBE’s EGP 100 billion industrial support initiative which involves offering loans at a declining rate of 8% through banks to the industrial, agricultural, and contracting businesses.
