Thndr Claps » EGY Claps » Economy 🏙 » Bigger restrictions on low-cost loans🏛
The ClapPrime Minister Moustafa Madbouly has transferred financing initiatives with low-interest rates from the CBE’s hands to the government’s.
You should knowThe CBE provided loans at a low cost to SMEs by allowing them to borrow from banks at lower interest rates.
So whatThe IMF had demanded these low-cost loans be canceled as part of its asks to provide a loan to Egypt.
Now whatThe new decision will ban any entity, including the CBE, from authorizing such loans without Cabinet approval.
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