CBE launches initiative to support defaulters

CAIRO - 28 June 2018: The Central Bank of Egypt (CBE) launched Wednesday an initiative to settle debts of the defaulters, less than LE 10 billion.

The initiative also includes the debts of retail customers, but excludes credit card balances. It lasts to December 31, 2018.

It aims at supporting the economic development and resolving the problems of default loans, alleviating the burdens on customers who are serious in repaying their debts to back them again to the economic activities and cycles.

The initiative’s beneficiaries include 3500 companies and 337 thousand retail customers in the National Bank of Egypt, Banque Misr, Banque du Caire, the Export Development Bank of Egypt, the Egyptian Arab Land Bank, the Agricultural Bank of Egypt, the United Bank of Egypt, and the Industrial Development & Workers Bank of Egypt.

According to the initiative, the banks are expected to write off the accrued interests, worth LE 16.8 billion, if the defaulters are committed to repay their full debts by December 31, 2018.