The Clap
The government introduced an initiative to support the productive sectors, whether agricultural or industrial, by offering loans at reduced interest rates.
What
A total of EGP 150bn will be invested in this initiative.
So What
This is an excellent initiative from the government as loans will be provided at an interest rate of 11%, and the government will bear the difference between this rate and the official borrowing interest (17.25%).
Now What
The value of credit available to each company will be determined based on the size of its business.
This initiative is expected to continue for 5 years.
