Arab Finance: The Egyptian cabinet has approved extending the deadline for submitting reconciliation requests for certain building violations to the relevant administrative authorities for an additional six months, starting November 5th, as per a statement.

The cabinet also approved maintaining the current financing terms under the initiative to support productive sectors, specifically industry and agriculture.

Accordingly, it decided not to reduce the maximum interest rate differential borne by the Ministry of Finance by 20%, keeping it at EGP 8 billion.

This brings the total value of the initiative to EGP 90 billion: EGP 80 billion allocated for working capital financing and EGP 10 billion for machinery and equipment financing.

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