CBE extends two debt relief initiatives for six months

The Central Bank of Egypt (CBE) decided to extend two initiatives to relieve the debt for defaulting companies and tourism businesses for a six-month period ending on 30 June 2021.

Under the first initiative, the names of defaulting companies with debt less than 10 million Egyptian pounds will be removed from blacklists and any legal action against them will be dropped, once they pay part of their debt.

In addition, the tourism companies with debt of more than 10 million pounds who pay above 50 percent of their debt will also be removed from blacklists and any legal action will be called off.