Regulatory Alerts2018-12-17
A circular dated December 17, 2018 regarding extending the work period for the tourism sector support initiative and the retail loans initiative for workers in the tourism sector until the end of 2019.
The Governor of the Central Bank announced the following details regarding the new financial assistance package for small and medium-sized enterprises (SMEs) affected by the COVID-19 pandemic, including: .1 A financial support program called "Tatweer Repayment Program for SMEs," which will provide financing to existing customers of banks who are SME owners negatively impacted by the coronavirus crisis, with a maximum financing amount equal to 5 million Egyptian pounds per client. This program is scheduled to launch on July 1, 2020 and will last for two years. .2 A period of six months' grace for the repayment of loans given to SMEs affected by the pandemic, with no additional charges or interest. The grace period will start from the date the loan is due and end by December 31, 2021, exclusively for businesses that suffered a decrease in customers, without affecting their customers. .3 No interference with existing commitments, while taking into consideration international accounting standards (IFRS) applied by banks effective from January 1, 2020 and those applied by June 30, 2020. This also applies to businesses whose financial statements were prepared up until June 30, 2020. These measures are designed to help alleviate the burden on small and medium enterprises negatively impacted by the coronavirus crisis. ```