|26 March, 2020

Egypt’s FRA announces additional grace for MSMEs installments

Business owners now have a six-month grace until September to pay all their insurance, starting March.

Image used for illustrative purpose. The 15th May Bridge, which spans the River Nile, and the surrounding buildings are seen in Cairo, Egypt, April 29, 2018.

Image used for illustrative purpose. The 15th May Bridge, which spans the River Nile, and the surrounding buildings are seen in Cairo, Egypt, April 29, 2018.

REUTERS/Mohamed Abd El Ghany
ArabFinance: The Financial Regulatory Authority (FRA) has granted all non-payment insurance (NPI) clients in Egypt an additional grace period to pay their installments, according to a statement.
 
Business owners now have a six-month grace until September to pay all their insurance, starting March.

This step is part of the FRA’s initiative which includes Micro, Small and Medium Enterprises (MSMEs) in the local market.
The FRA noted that no delay fees, interests or other financial fees will be included until the end of the grace period.

It further explained that this comes in line with the state’s directives to facilitate for investors during the outbreak of the coronavirus (COVID-19) pandemic.

It is noteworthy that the FRA board decided, during its latest meeting, to contribute EGP 250 million of the available interest to support the government’s initiatives which aim at enhancing the neediest individuals, which are forecasted to be financially impacted by the virus consequences.
 

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