Cairo – Mubasher: The Central Bank of Egypt (CBE) considers extending its EGP 100 billion initiative to fund businesses in the industrial sector at a declining interest rate of 8% to the contracting sector, the Middle East News Agency (MENA) reported on Sunday, citing the CBE's governor Tarek Amer as saying.
Amer revealed plans to broaden the base of beneficiaries of the industrial support initiative by adding the contracting sector which has been hardly hit by the coronavirus (COVID-19) outbreak.
In December 2019, the CBE announced an initiative to fund businesses in the industrial sector at a declining rate of 10%, and in March, the CBE reduced the rate to 8% and added the agricultural export sector to the initiative.
