Egypt’s central bank extends two debt relief initiatives due to pandemic

Egypt’s central bank has extended two debt relief initiatives for additional 6 months which were launched earlier to help companies and tourism firms struggling as a result of the coronavirus pandemic’s impact on the economy.

According to a statement released January 3, the regulator explained that the move affects companies with bank debt of less than 10 million Egyptian pounds ($638,312) and tourism firms with debts of more than 10 million pounds.

The initiative entails removing the names of these firms from blacklists, lifts asset restrictions, and suspends legal action. The extension runs through June, the regulator said.