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Monday, 2 September 2019

Manufacturers call on gov’t, Central Bank of Egypt to change i-Score credit information system

Manufacturers and investors are calling on the government and Central Bank of Egypt (CBE) to change the i-Score credit information system, which they say make it harder for companies to obtain financing, Al Shorouk reports. Businesses in financial trouble are currently designated as “distressed” for between five and 10 years, a period which manufacturers want reduced to one year. The Federation of Egyptian Industries previously sent a letter to CBE Governor Tarek Amer requesting that he review the period for which companies are placed on the “distressed” list. The federation also recommended creating new “settlement” and “rescheduling” classifications for companies undergoing debt restructuring programs, instead of putting them all under “legal dispute.”

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