Regulatory Alerts2020-12-07
Added · Updated
Circular dated December 6, 2020 regarding extending the period of work in the tourism sector initiative and the retail loans initiative for workers in the tourism sector until the end of 2021
The Central Bank of Egypt extends the Tourism Sector Support Initiative and the Retail Loans Initiative for Tourism Sector Workers until the end of December 2021. Banks are authorized to accept deferral requests for loan installments for up to three years under the Tourism Sector Support Initiative and for an additional six months from the due date for retail loans for housing and personal use under the Retail Loans Initiative. The extension maintains all other initiative conditions, including the application of IFRS 9 provisions and the allowance for previously benefited borrowers to defer payments.