Regulatory Alerts2021-01-03
A circular letter dated January 3, 2021 regarding extending the work period for the two initiatives for distressed clients, legal persons, as well as companies operating in the tourism sector.
The letter refers to the Central Bank's initiative for distressed corporate customers with debts of less than 10 million Egyptian pounds, which allows for the removal of customers from blacklists, the dropping of legal cases, and the release of debt collateral upon agreement on repayment terms. A similar initiative is mentioned for corporate customers in the tourism sector with irregular debts of 10 million Egyptian pounds or more, requiring a 50% debt repayment for the same benefits. Due to the ongoing impact of the COVID-19 crisis, the Central Bank's Board of Directors has approved an extension of these initiatives for an additional 6 months, ending on June 30, 2021, to ensure that a larger number of distressed customers can benefit from them.