News

Ceramics & Porcelain Producers To Get Funds Under CBE Initiative

16 Mar 2021

The accumulated debt owed to The Egyptian Natural Gas Holding Company from ceramics and porcelain producers will be addressed by the CBE, which will put aside EGP1.2bn from the financing initiative dedicated for the construction, building materials and agricultural sectors (which totals EGP100bn), at interest rate of 8%, for ceramics and porcelain producers who want to reschedule natural gas debt.

This could be seen as good news for local ceramic manufacturers, as the CBE is now willing to finance the down payment of 25% of natural gas arrears payable by ceramic producers to the Ministry of Petroleum. The remaining 75% of natural gas arrears would be repaid over 10 years at a subsidized interest rate of 8%. In addition, there would be a 50% reduction in the late payment penalty fees.

The announcement comes as a positive move for the ceramics industry, which supposedly accounts for 55% of the private sector’s gas arrears to the government. The move, which was approved by the cabinet earlier during the year, has been made with the aim of increasing development and boosting production. (Source: Hapi Journal, al-Borsa Newspaper)

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