EBRD extends $ 21.3 m loan to Red Sea wind energy farm in Egypt
The European Bank for Reconstruction and Development (EBRD) is supporting the development and sustainability of ...
Sisi offers monthly grant for irregular workers, urges private sector to continue paying salaries
President Abdel Fattah El Sisi announced allocating an EGP 500 monthly grant for irregular workers for the coming three months and urged the private sector to pay the salaries of its employees in full.
The president denied that the state will cut 20 or 30 percent of salaries, adding that the private sector should also shoulder its responsibility towards its workers.
The president added that the state will support the private sector to carry out its responsibilities towards its employees.
He noted that the Central Bank of Egypt maintained its initiative for offering EGP 100 billion with very low or reducing annual interest rate for companies operating in the industrial sector.
He added that the bank also offers a credit-line with 5 percent interest rate.
The president thanked the private sector for supporting the state, underlining that the private sector should maintain all its employees and pay their salaries in full during this crisis.
He added that the state has a database of those working in the touristic sector and other workers who need help in the current stage.
The state also delayed payment of real estate taxes of touristic facilities for six months.
The Central Bank also opened the door for low-interest loans to back touristic institutions to continue paying salaries of their employees.
Meanwhile, the president also noted that a loan was allocated for supporting the civil aviation sector, adding that the finance minister was mulling means of buttressing this sector.
He added that the state took into account owners of small and medium sized enterprises and delayed paying loans’ installments for six months without any fines.
The president made the remarks while inspecting the equipment and resources allocated for the Armed Forces to assist the civil sector confront the COVID-19.
Addressing Armed Forces personnel, the president accentuated “We will overcome the COVID-19 crisis..Egypt and its people will survive the pandemic and its fallout with the solidarity among the Egyptians.”
The president noted that he is following up the sanitization of all public transports, especially railways and the underground metro.
The president called for distributing masks at half price or even for free among the public, adding that he was keen to wear one to send a message to all to wear masks.
He said people’s adherence to the preventive measures will positively affect the nation’s future, noting that there is daily statistics about the COVID-19 cases, recovered patients and death toll.
He noted that the economic measures adopted by the state are meant to surpassing the current crisis with the least possible losses.
As for commodities reserves, Sisi said commodities are available and strategic reserves at safe level. The president said since he took the helm, commodities’ reserves were always enough for at least three months.
The president added that wheat production will start next month and there is no problem with the rice.
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