Tarek Amer Governor of CBE – File Photo
CAIRO - 10 May 2020: Central Bank of Egypt (CBE) Governor Tarek Amer said Sunday he will propose including the contractor sector to the banks's 100 billion pound industry stimulus initiative.
The initiative intends to support industry and agricultural manufacturing by securing loans at a declining 8-percent interest rate.
The proposal, which will be reviewed by CBE board during its upcoming meeting, aims to expand the number of sectors benefiting from the initiative by adding the contractor sector that was as well affected by the outbreak of the novel coronavirus, the governor said in statements to MENA.
The contractor sector is a key driver of the Egyptian economy and should be supported, Amer said.
In December, the CBE launched a 100 billion pound initiative to support local industry to boost private sector growth in the next phase.
Under the plan, factories with sales of under 1 billion pounds would be able to secure loans at a reduced interest rate of 10%.
Three months later, the CBE cut down the interest rate to eight percent after expanding the initiative to the agricultural and production firms.