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English news

13-Feb-2017

CBE to discuss debt settlement with investors next Sunday

A meeting between the Central Bank (CBE) and investors is scheduled to take place on Sunday to discuss debt settlement for companies hit by currency weakness. Companies with pre-float letters of credit worth less than USD5mn could be given up to seven years to repay their bankers. Others with debts north of this figure will have to wait until a later stage of talks between Central Bank Governor Tarek Amer and members of the Union of Investor Associations. A Board Member of the Union of Investor Associations, Mohamed Shaaban, said companies that were hardly hit by the currency weakness would receive a debt-forgiveness from the banks, and those that were partially hit will receive partial debt-relief, and those that were not affected will have to repay the total debt. (Al Borsa) 

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