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Contracting SMEs are biggest beneficiaries of NBE financing initiative

The National Bank of Egypt (NBE) has agreed to finance 85% of contracting companies’ delayed dues. The move will see contractors relinquish their contracting operations to the bank in return for obtaining the financing at decreasing 8% interest. Egypt’s real estate sector represents about 20% of the country’s GDP, and about 15% of the market […]

CBE considers engaging contracting secbn initiative

The Central Bank of Egypt (CBE) is considering engaging with the contracting sector as part of its EGP 100bn initiative supporting the industry and agriculture sectors, according to CBE Governor Tarek Amer. Part of the facility includes a decreasing interest rate of 8%. In statements to the Middle East News Agency (MENA), Amer noted that […]

Development role of contracting companies needs expanding

The number of companies involved in upcoming state development projects should be expanded in the current period, according to Mohamed Adel Raouf, Member of the Egyptian Federation for Construction and Building Contractors (EFCBC). Abdel Raouf outlined that public tender offers should restart, and direct assignments reduced. He added that the sector needs to provide opportunities […]