Addressing the third session of "People And Banks" conference, held today, he described the decision as good, as CBE is not responsible for backing such initiatives, but it is a must that the government offers backing to such sector.
The fund provides micro and small loans for low-income families to raise their income and to reduce unemployment rates, said the minister.
Haya Karima initiative has dispensed loans worth L.E.844 million for small and micro enterprises since its launch in 2019.
Egypt’s House of Representatives approved 28 international agreements during the first session of the second legislative term, which all tackled infrastructure, SMEs, and governance aspects at roughly $1.1 billion in loans and $140.7 million in grants.
"Over the past few years, Egyptian women’s economic participation has increased, as the percentage of women holding bank accounts has increased from 9 percent in 2015 to 27 percent in 2017."
The main target of the Local Development Fund is to finance several projects to support the households and women in increasing their incomes, Shaarawi said.
The accrued interest for this period in addition to the principal will be collected by banks after the end of the six-month period, the CBE said in a statement.
This procedure will contribute to the payment of salaries, wages and obligations existing with suppliers and maintenance work for tourist activities, it added
Under the decision, the value of mortgage loans for personal housing will stand at 40% of the monthly total income of the client, the statement added.
European Bank for Reconstruction and Development reviewed the provision of two senior loans to the National Bank of Egypt with a total amount of $50 million.
Small companies received a total of LE 84.4 billion during that period, according to CBE statistics obtained by MENA Sunday.
About 62,000 small and micro projects were funded, providing nearly 97,000 jobs during the period from January to March 2019.
Governmental loans reached LE 586.4 billion, LE 227.6 billion of which were provided in local currency and LE 340.7 billion in foreign currency.
Governmental loans reached LE 570.5 billion, LE 343 billion of which were provided in foreign currency and LE 227.4 billion in local currency.
CBE’s recent report showed that banks’ loans rose to LE 1.53 trillion by the end of March 2018, compared to 1.45 trillion by the end of December 2017.
Ma’it said the time of repayment has come, referring to the importance of lowering deficit and debt rates.
Another agreement with the African Development Bank on the Economic Governance and Energy Support Program III was passed.
German Ambassador to Egypt, Julius Georg Luy, praised Egypt’s measures to achieve the desired economic growth rate, 7.5 percent
German Radoslav Albrecht has founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin.
The deal falls within the framework of an initiative by the Central Bank of Egypt to offer loans at 5-7 percent interest rate to SMEs.