CBE provides EGP 69bn in facilities to support industry, agriculture, contracting sectors

CBE provides EGP 69bn in facilities to support industry, agriculture, contracting sectors

Funds used by the Central Bank of Egypt's (CBE)  Industry, Agriculture, and Contracting Support Initiative amounted to EGP 69bn at the end of June, according to an official CBE source. 

The funds, which were granted under the initiative to about 4,291 beneficiaries, came out of an authorised balance of EGP 317bn, the source added.

In statements to the Middle East News Agency (MENA), the source also said that, in the five working days from 18 June to 25 June alone, the equivalent of EGP 8.6bn was used. The source said that the figure is equivalent to about 15% of the total amount of funds used in the initiative.

On 17 December 2019, the CBE issued the initiative valued at EGP 100bn and a decreasing return rate of 10%, to support Egypt's industry sector. The CBE later added  the agriculture and contracting sectors, whilst also reducing return rates to 8%.

The source indicated that the balance of used financing granted for purchasing raw materials and production requirements amounted to about EGP 66.5bn, or 96.6%, of the total funding granted under the initiative.

The balance of the used financing granted to finance machinery, equipment and new production lines amounted to about EGP 2.3bn or