Egypt’s CBE includes medical professions in its 5% interest rate loans initiative

Doaa A.Moneim , Wednesday 6 Apr 2022

The Central Bank of Egypt (CBE) included doctors, physiotherapists, and dentists who are authorised by the Medical Syndicates Union to the list of beneficiaries for its initiative for financing small enterprises and establishments, the bank announced on Tuesday.

Central Bank of Egypt s headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS
Central Bank of Egypt s headquarters is seen in downtown Cairo, Egypt March 8, 2016. REUTERS

The CBE launched the initiative on 11 January 2016 with the objective of providing loans for the industrial sector with a declining five percent interest rate.

Under this initiative, small enterprises are defined as businesses that employ less than 200 individuals and have a business value ranging between EGP one million and EGP 50 million.

The initiative also targets small businesses that are under construction, which also employ less than 200 individuals and have a business value of EGP 50,000 up to below EGP three million for industrial projects and below EGP five million for others sorts of projects.

The CBE said that this measure is part of its efforts to support the health sector in the country as per the government’s priorities.

It also aims to help doctors open their own clinics and equip them with the required instruments and supplies in coordination with the Egyptian Authority for Unified Procurement (UPA), according to the CBE.

During the current FY2021/22 — which will conclude by the end of June — Egypt increased spending on the health sector in response to the ongoing COVID-19 pandemic with an additional EGP 4.5 billion besides the EGP two billion that were allocated to procure drugs and the EGP one billion to finance medical treatments.

Health and education have been the top sectors in terms of spending during the current FY, with EGP 108.8 billion allocated for the health sector and EGP 172.6 billion for the education sector. And it is expected that these allocations will increase in the upcoming FY2022/23.

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