Egypt to Support SME Sector from $6.2 Billion Gov’t Initiative

Published June 21st, 2020 - 06:30 GMT
Egypt to Support SME Sector from $6.2 Billion Gov’t Initiative
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. (Shutterstock)
Highlights
The initiative was taken to help the coronavirus-affected businesses recover by offering loans at an eight percent decreasing interest rate

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.


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