RegAlertRule · CBE · 1 Dec 2022
Circular dated November 3, 2022 regarding instructions for sustainable financing
The document clarifies the discontinuation of the Industrial, Agricultural, and Contracting Private Sector Initiative, which offered a decreasing interest rate of 8%. It mandates that banks must not renew or extend existing loans under this initiative, nor issue new loans under its framework. Furthermore, banks are required to apply prevailing market interest rates to all future transactions related to these loans, including any restructuring or refinancing.
Supplementary to the Circular dated November 21, 2022 regarding the Prime Minister's Council decision concerning only the Central Bank's initiatives with low returns, the following clarifications are provided regarding the discontinuation of the Industrial, Agricultural, and Contracting Private Sector Initiative (at a decreasing interest rate of 8%).
| Initiative | Explanation | Date |
|---|---|---|
| Industrial, Agricultural, and Contracting Private Sector Initiative (at a decreasing interest rate of 8%) | The initiative has been discontinued. | November 20, 2022 |
Confirmation is given of the following:
- The possibility of renewing or extending existing loans under the initiative is prohibited.
- The initiative is discontinued for new loans under the initiative's framework.
- The prevailing market interest rates shall apply to all future transactions related to the aforementioned loans, including any restructuring or refinancing.
- The prevailing market interest rates shall apply to all future transactions related to the aforementioned loans, including any restructuring or refinancing, for a period of one year.
- The prevailing market interest rates shall apply to all future transactions related to the aforementioned loans, including any restructuring or refinancing, for a period of one year.
- The prevailing market interest rates shall apply to all future transactions related to the aforementioned loans, including any restructuring or refinancing, for a period of one year.
The prevailing market interest rates shall apply to all future transactions related to the aforementioned loans, including any restructuring or refinancing, for a period of one year.
The prevailing market interest rates shall apply to all future transactions related to the aforementioned loans, including any restructuring or refinancing, for a period of one year.
The prevailing market interest rates shall apply to all future transactions related to the aforementioned loans, including any restructuring or refinancing, for a period of one year.
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Lineage: No known changes
RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.
The links and the sentences they come from (1)
- Amends
- Circular dated November 21, 2022 regarding the Prime Minister's Council decision concerning only the Central Bank's initiatives with low returnsNot in RegAlert
“Supplementary to the Circular dated November 21, 2022 regarding the Prime Minister's Council decision concerning only the Central Bank's initiatives with low returns”
More like this from CBE
CBE published 1 document in the last 30 days. We email you each new one the day it's published.
Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated