Cairo – Mubasher: Banque Misr signed a cooperation protocol with Cairo for Investment and Real Estate Development Company to finance the purchase of land, machinery and production requirements of the new leather tanneries in Rubeiky.
The protocol aims to finance small and medium enterprises (SMES) owners with an interest rate of 5% and 7%, respectively, chairman of Banque Misr, Mohamed El Etribi, said.
The funding period will range between 1 and 10 years, with a grace period of up to two years from the date of receiving the unit, El Etribi added.
The financing will be with a maximum of 75% of the unit's price, while the financing of machinery and equipment will be determined according to the client’s needs with a minimum of 25% of new machinery and 40% of used ones.
Egypt's Industry and Trade Minister, Tarek Kabil, noted that the first 10 tanneries to be moved to Rubeiky will be offered incentives, including technical support and financial aids as well as credit programs and additional land for the factories.
Moreover, chairman of Cairo for Investment Company, Mohamed El Gohary, said that new protocol obliges the company to offer tanneries and related industries, help manufacturers getting the required licenses for workshops and facilitate getting bank's finance.
El Gohary added that company is also obliged to coordinate between the bank and projects' owners, follow up on finance and payments and take legal procedures in case of solvency of any client.
