Prime Minister Mostafa Madbouly holds a meeting to follow up on the application of Decree no.4151 of 2022 regulating existing low-interest rate initiatives, Nader Saad, the Spokesperson of the Cabinet, announces, Invest-Gate reports.

Saad adds that the meeting explores a series of questions and inquiries related to the decree and the impact thereof on the initiatives of the private sectors of industries, agriculture, and contracting.

Meanwhile, Gamal Negm, Deputy Governor of the Central Bank of Egypt, says that any financing to the industries, agriculture, and contracting sectors under the 8% initiative will be suspended, adding that the balance used in the initiative will be paid gradually according to terms of the granted facilities.

As for medium- and long-term facilities provided under the 8% initiative, Negm explains that contracted balances that are permitted will continue to be valid, adding that the used balance will be dispersed gradually based on respective terms and will not be reused.

Negm notes that if a client desires to renew or increase the amount of any credit facilities granted under the initiative, the prevalent interest rates in the market will be applied.