CBE initiatives for supporting economic sectors reviewed by Egyptian Cabinet

The Central Bank of Egypt’s governor Tarek Amer and Egypt’s Prime Minister Mostafa Madbouly recently reviewed proposed monetary policies for post-pandemic recovery, and efforts to reduce high rates of foreign debt during the coming period.

During the meeting, they also reviewed initiatives directed to support the country’s various economic sectors alongside CBE Deputy Governor Rami Abulnaga and a number of CBE officials.

While praising the CBE’s performance as a “compass directing Egypt’s banking sector” during the pandemic, the Prime Minister also noted the bank’s support of individual and corporate sectors, which contributed to achieving economic stability for those sectors.

Amer highlighted that the CBE had made various efforts that resulted in negating negative effects caused by the pandemic, taking proactive and decisive measures including a package of initiatives directed to support various economic sectors.

He also referred to the initiative to provide the necessary funding to import strategic goods and support the sectors and companies most affected by the global health crisis.

The initiative was in addition to other programs to support Egypt’s tourism sector, which included the initiative to replace and renew residence hotels, floating hotels, and tourism transport fleets.

The CBE also had an initiative to finance salaries and wages for tourism sector workers, and financing basic maintenance and operating expenses, with the Ministry of Finance as guarantor.

Other initiatives included support for the irregular workers in the tourism sector, an initiative aimed at industrial private, agricultural, and contracting sectors with a value of EGP 100 billion and a return price of 8 percent on a decreasing basis, as well as a mortgage financing initiative for middle-income people, and the initiative to replace vehicles with dual-fuel cars.