Egypt Central Bank Extends Debt Relief Initiative Due to Virus

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

In a statement released Jan. 3, the regulator said the move affects companies with bank debt of less than 10 million Egyptian pounds and tourism firms with debts of more than 10 million pounds. The initiative entails removing the names of these firms from blacklists, removes asset restrictions and halts legal action. The extension runs through June, it said.

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