Cabinet continues initiative backing industrial, agricultural sectors with 15% interest rate loans in Egypt

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The cabinet has approved carrying on the initiative supporting the industrial and agricultural sectors’ projects, Minister of Finance Mohamed Maait stated.

The government will provide the two sectors with concessional loans of EGP 120 billion at interest rates of not over 15% within the initiative to back productive industries, the minister noted.

Accordingly, it will allocate EGP 105 billion to finance the working capital and EGP 15 billion to finance the purchase of machinery and equipment, he pointed out.

Maait asserted that the 11% interest rate loans will be maintained for current financing activities and balances used for funding the working capital

Furthermore, the maximum credit limit allowed for each company has increased to EGP 100 million from EGP 75 million, while that of multilateral entities rose to EGP 130 million from EGP 112.5 million.

The state treasury will bear around EGP 8 billion as the interest rate spread annually.