Contracting Sector to be Financially Supported

Egypt’s Central Bank has proposed adding the contracting sector to the 100 billion Pound support along with the industry and agriculture sectors.

The Bank’s Governor said he is trying to expand the benefit base of the initiative by adding the contracting sector which also has been impacted by Coronavirus. He added this sector is an important sector in the Egyptian economy and should be supported. The Bank announced the initiative to support the industry sector last December with an interest rate of 10% but reviewed it in March 2020 and reduced the interest rate to 8% and added the agriculture sector to it. Full story

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