Egypt’s central bank directs banks to increase financing for companies, factories

Egypt’s central bank directs banks to increase financing for companies, factories

CAIRO – 18 November 2021: The Central Bank of Egypt (CBE) directed banks operating in the Egyptian market to increase financing for the operations of companies and factories, especially small and medium ones, which exceeds a total of 126,000 companies and factories. Increasing financing will take place through injecting additional funds to help the companies and factories face the increase in international prices, and to maintain operating and production rates. This came during a meeting chaired by Governor of the Central Bank, Tarek Amer, with the participation of the leaders of finance, risk and legal departments in banks, to complement the meetings that the Central Bank has started with companies since January 2020 to solve their financial problems, according to a statement issued, Thursday. It also came in light of President Abdel Fatah El-Sisi’s directives to the governor to contribute to solving industry problems, increasing employment and production rates, and supporting the economy in the face of global market developments. Amer stressed the need for banks and the banking supervision sector at the Central Bank to immediately end judicial disputes with thousands of companies and about 29,000 loans to individuals, while reviewing the rules for classifying troubled customers so that