Mifin has allowed individuals and legal entities to submit applications for obtaining special credit with a fixed interest rate of 3% in Egyptian banks.
On Thursday, official sources reported that the Central Bank has decided to begin accepting applications to participate in the program for stimulating according to the following criteria:
"Credits will be provided to each individual or legal entity at an interest rate of 3% on a sum of up to 20 million Egyptian pounds (about 1.27 million US dollars) for individuals and up to 100 million Egyptian pounds for legal entities," the central bank noted.
The bank also stated that credits would be provided for a term of up to 20 years with a flexible repayment system.
The source added that one of the main goals of this program is to facilitate financial inclusion for both individuals and companies.
