Back to the complete issue
Wednesday, 8 April 2020

Central Bank of Egypt to scrub 100k individuals, 8k companies scrubbed from i-Score blacklists

CBE clears 8k companies, 100k individuals from i-Score blacklists: The Central Bank of Egypt (CBE) has decided to scrub individuals and businesses with bad credit from a blacklist it maintains and lift restrictions on their access to the banking system, according to a CBE circular (pdf). The decision is expected to benefit 100k individuals and 8k businesses. The decision also includes a reduction in disclosure periods that will now be mandated to fall within a 6 to 12 month limit.

Background: The credit forgiveness initiative comes after the CBE launched a debt relief plan announced last month that would see marginal interest on debt under EGP 1 mn waived for individuals at risk of default. Eligible customers would also be required to make a 50% payment of the original debt in cash or in-kind accompanied with an arranged payment plan with the creditor bank.

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 HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; 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; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.