|09 December, 2019

Egypt CBE’s initiative targets defaulting factories indebted with $2.20bln

The initiative is set to end on June 30, 2020

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

Central Bank of Egypt's headquarters is seen in downtown Cairo, Egypt March 8, 2016. Image used for illustrative purpose.

REUTERS/Mohamed Abd El Ghany

Cairo –   The Central Bank of Egypt (CBE) has launched an initiative to support defaulting factories with a debt less than EGP 10 million.

Under the initiative set to end on 30 June 2020, factories will pay 50% of the principal of the debt without interest rates and will be delisted from iScore’s black list, the CBE’s deputy governor Gamal Negm said during a press conference on Monday.

Total overdue debts owed by 8,536 factories amounted to EGP 35.6 billion, including a principal amount of debt worth EGP 4.4 billion and accrued interest of EGP 31.2 billion.

Source: Mubasher

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