Egypt’s central bank approves new incentives to support SMEs amid pandemic

Doaa A.Moneim , Tuesday 14 Dec 2021

The Central Bank of Egypt (CBE) has approved an incentive package to support small and medium-sized enterprises (SMEs) against the economic impacts of the COVID-19 pandemic, the CBE announced on Tuesday.

The Central Bank of Egypt (Photo: Al-Ahram)

The CBE said that the move was made under the directives of Egypt’s President Abdel-Fattah El-Sisi.

The incentives include restructuring credit facilities and loans for SMEs, where banks are to extend the grace period for repayment and reschedule installment due dates according to their affordability.

These incentives also aim to alleviate the burdens on these enterprises, help them resume their work and preserve their workforce.

The CBE also instructed banks to put a supervisory framework for clients who are irregular in terms of repaying loan installments. 

Since the onset of the pandemic, the CBE has taken several procedures to support all economic sectors, including SMEs, tourism, industry, and agriculture.

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