Cairo-Mubasher: The Central Bank of Egypt (CBE) said on Monday it has allocated EGP 5 billion for the initiative of medium-sized enterprises as of 1 March 2016.
The loans will be offered to finance the machinery and equipment at production lines, with a diminishing interest rate of 7%, the bank said in a statement on its website.
The initiative aims to offer medium and long-term loans to fund the medium-sized enterprises whose sales reach EGP 20-100 million.
The government earlier announced a plan to support the small and medium-sized enterprises (SMEs) through providing financing of EGP 200 billion over the next five years.
