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Wednesday, 22 January 2020

FRA sets up committee of NBFs to participate in CBE’s initiative to rehabilitate financially troubled clients

FRA to bring NBFS firms on board with CBE corporate debt forgiveness initiative: The Financial Regulatory Authority (FRA) is forming a committee to assess how non-banking financial services companies can be brought into the Central Bank of Egypt’s initiative to support financially-distressed companies, the regulator said in a statement. The committee will include representatives from the CBE, FRA, and financial leasing and factoring companies. The initiative, which was launched by the CBE (pdf) last month, requires banks to write-off bad corporate loans worth up to EGP 10 mn and will be in place until the end of the current fiscal year.

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