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The Central Bank of Egypt is Passing the Responsibility of Subsidized Loans to Three Ministries

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03 Jan 2023

 

 

 

21/11/2022

The Central Bank of Egypt is Passing the Responsibility of Subsidized Loans to Three Ministries

The Central Bank of Egypt (CBE) will stop funding and managing subsidized loans and low interest rate initiatives, and will hand over this responsibility to the Ministry of Finance, the Ministry of Tourism and the Ministry of Housing.

The Ministry of Finance is responsible for managing the remaining low interest initiatives. As for the Ministry of housing; it is responsible for compensating banks on the real estate financing initiative for middle-income people with a decreasing interest rate of 8%. The Ministry of Tourism is responsible for compensating banks on the initiative to support the tourism sector, and raising the interest rate on it from 8% to 11%. (Sources: Business Today Egypt (English), al-Ahram (English), Daily News Egypt (English), Investing.com, Bloomberg Asharq, Masrawy)

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