CBE ends EGP 5 bn medium-sized business initiative

CBE ends EGP 5 bn medium-sized business initiative: The Central Bank of Egypt has issued a statement (pdf) instructing banks to stop giving out new subsidized loans to medium-sized industrial, agricultural and renewable energy firms under its EGP 5 bn finance initiative. The initiative has fulfilled its objectives and the loans allocated have been fully utilized, it said. The CBE last month launched a new EGP 100 bn support mechanism for medium-sized manufacturers, which can now apply for subsidized loans at a declining 10% interest rate.