Regulatory Alerts2022-12-15
A circular dated November 21, 2022 regarding the Cabinet’s decision related to the Central Bank’s low-yield initiatives
The Central Bank of Egypt's Board of Directors on December 15, 2022 approved the extension of the deadline for implementing instructions related to the Reserve Bank Credit Guarantee Scheme for Small and Micro Enterprises (SMEs) by one year until December 31, 2023. This decision is in line with maintaining the commitment of the Central Bank to support SMEs and encourage banks to continue financing them due to their importance in boosting economic growth. The Board also approved extending the deadline for implementing guidelines related to directing a 25% portion of the Reserve Bank Credit Guarantee Scheme for SMEs, with a 10% allocation for financing SMEs, until December 31, 2023 instead of December 31, 2022. The Central Bank of Egypt's Board of Directors has emphasized the importance of maintaining commitment to implementing these guidelines and reiterated that other instructions in this regard will remain unchanged as specified.