CBE settles EGP 50.9bn non-performing loans

The Central Bank of Egypt (CBE) settled non-performing loans (NPLs) worth 50.9 billion  Egyptian pounds with  226 customers the CBE’s sub governor Gamal Negm said.

The CBE arranged settling of 10 billion pounds worth of debts owed by 155 customers and  10.9 billion pounds  in interest payment has been waived, Negm added on the sidelines of NilePreneurs anniversary celebration event on Wednesday.

In addition, the central bank also met with 71 major customers with loans not included under the CBE’s initiative and agreed to settle 44.2 billion pounds worth of debts after banks waived 4.2 billion pounds in interest payment.

In December 2019, an initiative has been launched to support defaulting factories with a debt less than 10 million pounds.

Negm also added that the total NPLs under the CBE’s initiative reached 35.6 billion pounds, including 4.4 billion pounds in principal debt and  31.2 billion pounds in interest payment.