By: Islam Fadl

Cairo – Mubasher: The Central Bank of Egypt (CBE) has launched an initiative to support defaulting factories with a debt less than EGP 10 million.

Under the initiative set to end on 30 June 2020, factories will pay 50% of the principal of the debt without interest rates and will be delisted from iScore’s black list, the CBE’s deputy governor Gamal Negm said during a press conference on Monday.

Total overdue debts owed by 8,536 factories amounted to EGP 35.6 billion, including a principal amount of debt worth EGP 4.4 billion and accrued interest of EGP 31.2 billion.