Egypt finances SME sector from its $6.2bln support initiative

DUBAI: Egypt has included small- and medium-sized enterprises to its $6.2 billion financing initiative to help support the industrial, agricultural and construction sectors, local daily Al-Ahram online reported.

The initiative was taken to help the coronavirus-affected businesses recover by offering loans at an eight percent decreasing interest rate, the Egyptian central bank said in a statement.

The bank also allocated on June 17 about $185 million for salary payments in the tourism sector, which was taken out of the $3.1 billion fund earmarked for the industry’s recovery efforts. It has earlier advised tourism-related entities not to cut their workforce if they wanted to benefit from the initiative.

 

Source: https://www.zawya.com/mena/en/economy/story/Egypt_finances_SME_sector_from_its_62bln_support_initiative-ZAWYA20200620064126/

 

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