Doubled private sector funding in Egypt, after economic disruption caused by the coronavirus pandemic, is an attempt to manage the country’s foreign debt. The debt, $111 billion, is up from the figure in 2015, $48 billion.
Egypt’s central bank has planned to support its economy, according to Mohamed Abu Basha, head of macro research at EFG Hermes. The bank intends to expand accessible financing and facilitate cheap funding in major economic sectors.
Earlier in December, the bank granted money with 8 percent interest rate to the industrial sector. Agriculture and real estate were the next which were supported.
Overall, the bank has helped over 4,500 companies affected badly by the pandemic.
The World Bank, too, has called for the government to address the private sector.