Prime Minister follows up the implementing of the government proposals in the presence of Central Bank's Governor
Dr. Mostafa Madbouly, the Prime Minister, held a meeting to follow up the implementing of the government proposals plan, in the presence of Hassan Abdullah, the Governor of the Central Bank.
The Prime Minister affirmed that this meeting comes out to follow up the progress steps in the file of government proposals, after announcing the state's plan in this regard, pointing out this comes in light of the outputs of the state ownership policy document and in line with the structural reforms that are being taken.
QNB Al Ahli, one of the largest private sector banks in Egypt, signed a joint cooperation agreement with Dar Al Orman Association, the leader association in civil and charitable work, to participate in some existing projects within the presidential initiative “Decent Life” to develop the most needy villages, as a continuation of the bank’s efforts regarding this initiative which was began in January 2019.
This came due to the pioneering role played by QNB ALAHLI in promoting and developing community work and supporting economic and social empowerment frameworks by establishing effective partnerships with all concerned parties in accordance with the directions of the Central Bank of Egypt and supporting the country's development plans.
Doctor Mohamed Maait, the Minister of Finance, emphasized the continuation of implementing presidential mandates to support the productive sectors, “industry and agriculture.” In a way that contributes to achieving the strategic goals of the state by maximizing productive capacities, meeting the needs of local demand, limiting imports, expanding the export base, and enhancing the competitive strength of Egyptian products in global markets, in order to reach the dream of $100 billion of exports.
The minister added that the state’s public treasury bears 10 billion Egyptian pounds annually, in the interest rate difference in the initiative to support the productive sectors by providing 150 billion Egyptian pounds financing at 11% interest for agricultural and industrial production activities, so that 140 billion Egyptian pounds is allocated to financing working capital and 10 billion Egyptian pounds to purchase machinery and equipment or production lines over a period of 5 years.
QNB ALAHLI raised the interest on the "Awael" triple fixed certificate, as the bank allows the certificate in 3 tenors "monthly, quarterly and annually", with interest rates of 16.5%, 16.75% and 17.25% annually.
The bank offers the certificate with many advantages, including the possibility of obtaining credit facilities with the guarantee of the certificate, and redeeming its value after 6 months from the date of issuance at any time, based on the announced certificate redemption schedule.