Tourism players granted subsidized loans from Egypt

The Egyptian government will provide EGP 10 billion in subsidized loans at an interest rate of 11% to tourism players, pushing the total value of the low-yield financing initiative to EGP 160 billion, Prime Minister Mostafa Madbouly said in a statement on April 26th.

The initiative, which benefited companies from the agricultural and industrial sectors, aims to help increase exports by providing businesses with the liquidity they need to up production.

It could also help narrow the country's external financing gap and attract much-needed hard currency.

On March 7th, the Central Bank of Egypt (CBE) has set the maximum funding provided for beneficiaries under the five-year 11% subsidized lending program to back the industrial and agricultural sectors at EGP 75 million per individual and EGP 112.5 million per individual and all related parties.