ArabFinance: Egypt announced a fresh EGP 150 billion worth of loans at a subsidized 11% interest rate to back the industrial and agricultural sectors, according to a cabinet statement on January 11th.

The five-year program includes around EGP 140 million in financing to cover the working capital, in addition to, an amount of EGP 10 million to fund the purchase of capital goods.

The initiative will be launched immediately once approved by the Cabinet next week.

In November 2022, the Central Bank of Egypt (CBE) ordered banks to stop financing initiatives backing the industrial, agricultural and contracting sectors at an interest rate of 8%.

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