Regulatory Alerts2020-12-07
A circular dated December 6, 2020 regarding amending some items of the initiatives to replace and renew hotels and finance the payment of salaries, with the guarantee of the Ministry of Finance.
The Central Bank of Egypt (CBE) announced updates to the terms of two previously approved facilities. The first facility, a $2 billion loan with a maturity of six months, has been extended by three months till March 31, 2022. The second facility is an EGP 56 billion ($3.4 billion) loan available at an 8% interest rate, which has now been extended until June 2022 instead of the previously announced December 2021 deadline. Additionally, the Central Bank decided to reduce the interest rate on the second facility from EGP 7 (around $0.44) per day, or 560% annually, to EGP 51 ($3.12), effectively decreasing annual interest rates from around 3,865% to 2,940%.
Tags
monetary
credit
payments
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