Regulatory Alerts2021-01-03
Added · Updated
Circular Letter Dated January 3, 2021 Regarding Extension of Work Period for Two Distressed Client Initiatives
The Central Bank of Egypt extends the implementation period for two initiatives concerning distressed legal entities by six months, until June 30, 2021. The first initiative covers legal entities with doubtful or bad debts under 10 million EGP as of September 2019, while the second applies to non-compliant legal entities in the tourism sector with debts of 10 million EGP or more per bank. This extension aims to allow more distressed clients to benefit from debt restructuring measures, including removal from blacklist and release of guarantees, upon meeting specific repayment conditions.