LE 37B debt settled for 45 clients: CBE

Tue, Feb. 18, 2020
CAIRO – 18 February 2020: Debts worth LE 37 billion were settled for 45 major clients, who have irregular payment until February 6, as part of the debt settlement initiative, Governor of the Central bank of Egypt (CBE) Tarek Amer said Tuesday.

According to Amer, this step was taken after waiving LE 5.4 billion in interest and loan payments.

Moreover, CBE’s governor said that a total of 8,600 customers are included in the bank’s initiative for funding customers in default, including 800 in the industrial sector.

He clarified in a statement that non-performing loans (NPLs) worth LE 18.4 billion owed by 142 customers, including 89 in the industrial sector, have been settled until February 6, 2020, adding that LE 10.6 billion have been waived from interest and loan payments.

The number of companies that will re-open or raise the capacity of its factories reached 81, and lawsuits against 90 customers have been suspended, according to Amer.

On a similar note, CBE announced earlier that it has upped the capped loans limit for mortgage finance from 5 percent to 10 percent from the overall bank loan portfolio.
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