2019-12-15

Circular dated December 12, 2019 regarding the Irregular Legal Persons Initiative (Creditworthiness Categories 9 and 10)

The letter outlines an initiative by the Egyptian Central Bank to facilitate the repayment of debts for irregular clients with outstanding balances of less than 10 million Egyptian pounds as of September 30, 2019. The initiative offers incentives such as removal from negative lists, waiver of legal proceedings, and release of guarantees upon a 50% cash payment of the debt. The letter emphasizes the need for the bank to take necessary actions to achieve the initiative's goals, including communicating with eligible clients and ensuring legal compliance.

Egypt

Central Bank of Egypt

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