Agriculture firms granted access to CBE industry support initiative: min.

The Central Bank of Egypt (CBE) approved to include the agricultural and production firms – with annual revenues ranging between EGP 50 million and EGP one billion – in its initiative that intents to support the industry, said Minister of Agriculture El Sayed el Quseir on Friday.

Under the EGP 100-billion initiative, the agriculture firms will be granted access to subsidized loans at a declining 8-percent interest rate, the minister said in a statement.

The approval falls within the framework of directives by the political leadership to all state apparatuses to back the production activities and alleviate the negative impact of the coronavirus on the agriculture sector.

The CBE confirmed that it will continue its initiative issued in July, 2017 to support small-sized agricultural production companies, with annual sales or revenues ranging between EGP 250,000 and EGP 50 million, to access credit facilities at a declining interest rate of 5 percent.

Meanwhile, the CBE approved a request by Quseir to defer the payment of installments by farmers and breeders till six months due to the outbreak of the COVID-19 pandemic.

Source: State Information Service Egypt