Regulatory Alerts2020-01-08
Added · Updated
Circular dated January 8, 2020 regarding the initiative for irregular legal persons operating in the tourism sector
The Central Bank of Egypt approves an initiative for irregular legal persons in the tourism sector with debts of 10 million EGP or more, effective from January 8, 2020, until December 31, 2020. Clients who repay 50% or more of their debt via cash or in-kind settlement are removed from credit blacklist lists, have trading bans lifted, have court cases dropped, and have guarantees released. The bank determines any debt exemption based on the client's credit study, emphasizing project revenue viability and limiting personal guarantees.
Topics
credit
monetary
Share