CBE issues amendments to SME’s lending initiative

The Central Bank of Egypt issued amendments to its EGP 200 bn SMEs lending initiative, allowing renewable energy companies established from February 2016 to benefit from its terms, according to a CBE statement issued on Sunday. The amendments also set an interest rate of 5% for lending to micro-enterprises with an annual turnover of EGP 1 mn and small companies with a turnover less than EGP 20 mn. Interest rates for medium-sized businesses have been set at around 12%. Banks will be compensated for the interest rate differential through the waiver of reserve requirements on these balances.