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The Central Bank of Egypt is moving to support the defaulters in the small business sector

Noah by Noah
December 15, 2021
in World
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The Central Bank of Egypt is moving to support the defaulters in the small business sector
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The Board of Directors of the Central Bank of Egypt issued a package of decisions aimed at supporting small and medium-sized companies with the aim of alleviating them and supporting them to continue working and producing, preserving employment and providing the liquidity required to continue the production process.

The decision comes, according to a press statement issued today, Tuesday, in light of the directives that all sectors of the state must join forces to support troubled customers, remove them from their stumble and reintegrate them into the banking sector, and in light of the continuing repercussions of the Corona virus crisis and its impact on various economic sectors, specifically the impact on the The ability of small and medium-sized companies to fulfill their obligations with the banks, which may increase the chances of accumulating debts on them.

The decisions aim to facilitate some of the regulatory requirements for small and medium-sized companies related to their classification as defaulting clients, in light of their being the most affected by the repercussions of the Corona virus crisis, which is still ongoing. Banks restructure credit facilities for defaulting customers according to their cash flows and repayment abilities, with the introduction of alternatives that would support them, including increasing the facilities’ periods, restructuring the due installments, as well as giving them appropriate grace periods.

In a related context, and in order to unify the practices followed with regard to the management of non-performing debts by banks, it was decided to establish a supervisory framework for non-performing debts, as the instructions issued by the Central Bank laid the foundations for dealing with credit facilities covered by cash guarantees and the like in the event of their irregularity, as well as Establishing a specific time frame during which banks will execute irregular facilities, as well as stipulating the procedures to be taken in cases of scheduling and settlement of irregular customers. Finally, the decision stressed the necessity of presenting the position of the irregular facilities on an ongoing basis to the boards of directors of banks and taking the necessary measures regarding their follow-up.

This comes in light of a package of measures taken at the state level with the aim of restarting factories and companies in order to achieve the desired growth rates. In line with the current trend of the Central Bank to support small and medium enterprises in a way that supports the national economy.

Tags: BankbusinesscentraldefaultersEgyptmovingsectorsmallsupport
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