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English news

12-Feb-2019

CBE to relaunch EGP16.8bn debt relief programme by April

Sources told Al Mal newspaper that the Central Bank of Egypt (CBE) plans to relaunch its EGP16.8bn debt relief programme by April at the latest. The programme was launched by the CBE between Jun-Dec 2018 and was designed to have state-owned banks waive EGP16.8bn worth of interest payments on non-performing loans, provided the struggling borrowers repay their outstanding principal amounts. The CBE targeted an estimated 3.5k companies and 337k individuals in the first phase. The state-owned banks taking part in the programme have suggested a longer duration for the programme for this time around, covering credit card customers and providing more flexible principal repayment terms.

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