By: Islam Fadl
Cairo – Mubasher: The Central Bank of Egypt (CBE) has reached agreements with 226 customers to settle non-performing loans (NPLs) worth EGP 50.9 billion as of 27 February, the CBE’s sub governor Gamal Negm said.
The CBE supervised the settlement of EGP 10 billion worth of debts owed by 155 customers and EGP 10.9 billion 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 EGP 44.2 billion worth of debts after banks waived EGP 4.2 billion in interest payment.
In December 2019, an initiative has been launched to support defaulting factories with a debt less than EGP 10 million.
Negm revealed that the total NPLs under the CBE’s initiative for industrial customers amounted to EGP 35.6 billion, including EGP 4.4 billion in principal debt and EGP 31.2 billion in interest payment.
