ArabFinance: Banque Misr approved to settle bad debts worth EGP 2.85 billion, Al Mal news website reported on September 29th.
The move comes as part of the Central Bank of Egypt's initiative to get rid of bad debts less than EGP 10 million owed by companies.
The CBE scrapped in February a condition under the initiative requiring companies to pay 20% of their debts before June and 50% before the end of 2020, according to Enterprise.
"Discussions [with banks and companies] revealed that customers need to adjust payment periods and rates in order to properly save them from defaulting," the CBE said in a separate statement.
Banque Misr earlier launched the first digital loan service to finance small businesses in Egypt.
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