Back to the complete issue
Wednesday, 18 March 2020

Central Bank of Egypt issues new debt relief initiative for individuals

CBE offers new debt relief initiative for individual borrowers: The Central Bank of Egypt (CBE) on Monday launched a new debt relief initiative for individuals at risk of default that will waive marginal interest on debt under EGP 1 mn, according to an official statement. Eligible customers will have to make a 50% payment of the original debt in cash or in-kind and arrange a payment plan with the creditor bank. The customers will have their names removed from the CBE and i-Score’s blacklist and will restrictions on their assets lifted.

The initiative comes one day after the CBE moved to enact an emergency 300 bps rate cut and extended the tenor of all bank loans to businesses for a period of six months. The extension applies whether the facility is held by an SME, a large corporation, or an individual borrower, CBE Governor Tarek Amer said.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Etisalat Misr (tax ID: 235-071-579), the leading telecoms provider in Egypt; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.