Egypt’s central bank will provide up to $6.36 billion in loan guarantees to banks to encourage lending to businesses during the coronavirus crisis, the state news agency quoted the bank’s governor as saying on Tuesday. Central bank governor, Tarek Amer, told the agency: The decision comes during “increased business risks in the market, especially with regards to companies and finance. The loans will carry an interest rate of 8%, well below the central bank’s key overnight lending rate of 10.25%. The coronavirus pandemic has wreaked havoc on Egypt’s economy, particularly with the virtual shutdown since March of the country’s tourism industry, which represents about 5% of gross domestic product, and the closure of restaurants and cafes.
SOURCE: EGYPT TODAY
More Stories
Tunisian City Attracts a New Type of Tourist
DYK that the Green Point Lighthouse is the Oldest Operational Lighthouse in South Africa?
This Mauritian Resort is the Definition of Relaxation
Who Wouldn’t Happily Take a trip to Seychelles at Any Given Point in the Year?
Your July Destination is Sorted
A Gourmet Revival of Sierra Leone’s Bold Flavours
A Continental Visionary Design Indaba Emerging
How David Ochieng Uses Fashion to Positively Impact Kenyan Communities
Mbongeni Buthelezi: The South African Artist Turning Plastic into Portraits
What Tems’ Global Success Means for Women in African Music
Radisson Blu Hotel Is Officially Open In Durban
Hilton Closes Shop in Nairobi