Home Feature Egypt will launch an EGP200bn fund to guarantee consumer loans, mortgages, says Maait

Egypt will launch an EGP200bn fund to guarantee consumer loans, mortgages, says Maait

by Eslam Abdelhameed
Egypt's Ministry of Finance

The government will  launch an new holding fund of up to 2 billion Egyptian pounds in loans in an effort to stimulate lending and support consumer spending amid a slump in demand caused by the covid-19 pandemic, Finance Minister Mohamed Maait announced yesterday (pdf).

The yet unnamed fund aims to increase consumer capabilities among citizens, he said during the inauguration of a number of national projects.

The new fund will encourage industrial, service, real estate and consumer financing companies to lend and bankroll citizens, the minister added.

The government will set up a number of “specialized arms” of the fund to manage different financial matter at some point in the future that will serve as a tool to reduce risks.

 

 

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