Debt installments of small businesses in Egypt to be postponed for 3 months

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Mon, 30 Mar 2020 - 02:38 GMT

Men work at a 'Obour Land' cheese factory in the outskirts of Cairo, Egypt, January 30, 2017. REUTERS/Stringer

Men work at a 'Obour Land' cheese factory in the outskirts of Cairo, Egypt, January 30, 2017. REUTERS/Stringer

CAIRO - 30 March 2020: Minister of Industry and Trade NevineGamea stated that debt installments of small businesses will be postponed for three months, and that if needed, the duration will be prolonged.

The minister added that there is currently increasing demand on food, and medical equipment and products. Hence, if any factory wants to expand its production capacity, it can be granted a loan after a certain committee inspects the lines and ensures the size of the loan is suitable and is going tothe right place.

The minister affirmed that factories hit by the crisis will be accommodated, and that the president stressed the necessity to make room for local industries, and not resort to imports in light of the increasing demand on certain goods driven by the coronavirus crisis.

Egypt had allocated LE100 billion to face the coronavirus crisis, and its repercussions on the economy. Earlier this month, the Central Bank of Egypt (CBE) decreased interest rates from 12 percent to nine percent.

Egypt's central bank issues LE 7.5B in T-bonds Monday

CAIRO - 23 March 2020: The Central Bank of Egypt (CBE), on behalf of the Ministry of Finance, issued LE 7.5 billion in treasury bonds on Monday, Mar 23. The T-bonds were offered in two installments, with the first valued at LE 4 billion with a three-year term and the second worth LE 3.5 billion with a seven-year term.


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