2020-02-20

A circular dated February 20, 2020 following the initiative for irregular legal persons (creditworthiness categories 9 and 10)

The letter, addressed to the Chairman of the Board, refers to a previous circular dated December 12, 2019, regarding an initiative for legal entities with or without pending legal proceedings and with debt balances of less than 10 million Egyptian pounds. The letter discusses meetings held by the Central Bank of Egypt with concerned banks and struggling companies and factories with doubtful and bad debts. Based on the discussions, the Central Bank of Egypt's Board decided to amend two items related to the initiative, including modifying repayment periods and ratios to assist clients in overcoming financial difficulties and unifying the initiative's terms for all clients to ensure fair treatment.

Egypt

Central Bank of Egypt

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