The Central Bank of Egypt (CBE) is currently reviewing the results of the non-performing debt settlement initiative since June 2018 before taking any decision regarding extending it, Tarek Amer, governor of CBE, told Daily News Egypt. “We are reviewing it again before taking any decisions on it,” Amer told Daily News Egypt on Wednesday. The initiative was launched to settle the debts of companies of less than EGP 10m as well as the debts of individual customers, excluding credit accounts, until the end of December 2017. The initiative includes the settlement of debts of 3,500 companies and 337,000 individuals in National Bank of Egypt, Banque Misr, Banque du Caire, Export Development Bank of Egypt, Egyptian Arab Land Bank, Agricultural Bank of Egypt (ABE), United Bank, and Industrial Development Bank. According to the CBE, the launch of the initiative came out of its role in supporting economic development, aiming to settle troubled debts, and ease the burden on small customers.

Source: Daily News Egypt December 20, 2018 08:49 UTC