Regulatory Alerts2018-09-09
Added · Updated
Circular Regarding Obtaining Ministry of Finance Approval Before Lending to Public Business Sector Companies
This circular, issued by Jamal Negm on September 5, 2018, mandates that banks must obtain prior written approval from the Ministry of Finance before extending any credit facilities to public business sector companies. This directive aligns with the government's objective to monitor lending to these entities by the banking sector. Banks are instructed to take the necessary actions to implement this decision.
Cairo on: September 5, 2018
Mr. Professor / Chairman of the Board Bank
Greetings **and then,, **In light of the government's direction to ascertain the volume of lending provided by the banking sector to public business sector companies, I would like to draw attention to the necessity for your bank to obtain prior written approval from the Ministry of Finance before granting any credit facilities to any of the public business sector companies.
Please be kind enough to draw attention to taking the necessary steps to implement the mentioned decision.
And please accept the utmost **respect,, **Gamal Negm