Central Bank of Egypt to Relieve the Burdens of Debt-Ridden Individuals

Local press cited that the Central Bank of Egypt’s (CBE) measures to support individuals with non-performing loans lower than EGP 1 million, via plans to annul debts worth EGP 9.9 billion.

The CBE measure covers principal loans to the value of EGP 11.3 billion, and interest payments worth EGP 4.25 billion, in which relating to about 940,000 customers.

Furthermore, The CBE also expects lawsuits against about 220,000 individuals to be dropped once this initiative is rolled out. 

As a part of the initiative, borrowers will be offered to pay in kind the value of 50% of the principal debt in order to have them removed from the credit blacklist....