CAIRO — The Central Bank of Egypt (CBE) has launched an initiative to help some struggling companies and individuals repay their loans and regain their credit standing, which in turn will help banks resolve nonperforming loans.
The initiative covers companies whose nonperforming loans don't exceed 10 million pounds (around $558,500), as well as individuals' loans, excluding credit card balances. Participating customers who repay 100% of their loan principal by the end of this year will be exempted from all accrued and unpaid interest — an amount totaling 16.8 billion Egyptian pounds ($938 million as of July 10).