LUXOR, Upper Egypt - 13 March 2022: More than once has the Central Bank of Egypt (CBE) moved to cut interest rates and defer payment of loan installments in a bid to alleviate the negative impact of the coronavirus pandemic on the economy – the small and medium-sized enterprises (SMEs) in particular.
Speaking on behalf of CBE governor Tarek Amer during a conference on the future of SMEs Sunday, deputy governor Gamal Negm touched upon measures to delist companies from negative credit registrations at the CBE.
He told the conference that the CBE also reduced periods of disclosure of information about clients following payments.
It also allowed temporary amendments to the transaction of loans offered to SMEs, Negm added.
Indeed, the coronavirus pandemic has harmed global supply chains, which constitutes the biggest challenge to governments in the meantime, Negm said.
It is high time that all parties, whether governments or banking sectors, unite to outline policies and solutions to alleviate the repercussions of the coronavirus for the global economy, he told the conference, which is organized by the Union of Arab Banks (UAB) in the Upper Egyptian city of Luxor under the auspices of the Federation of Egyptian Banks (FEB).