Banque Misr to offer low-interest loans to IT companies under CBE initiative

Banque Misr to offer low-interest loans to IT companies under CBE initiative: Banque Misr (BM) and the Communications and Information Technology Ministry’s ITIDA have signed a protocol that will see the state-owned bank offer low-interest loans to tech companies under the Central Bank of Egypt’s SMEs lending initiative, the ministry said in a statement. Banque Misr will issue loans with a subsidized 5% interest rate to companies registered in ITIDA’s database from its quota of the CBE-backed program. The bank will prioritize startups and smaller companies.

Background: Banks are required under a CBE initiative first launched in 2015 to dedicate a portion of their loan portfolios to lend SMEs at a subsidized 5% interest rate.