Cairo – Mubasher: Egypt is expected to see the cancellation of EGP 9.9 billion worth of debt due to the Central Bank of Egypt’s (CBE) initiative to support individuals with non-performing loans (NPLs) valued at less than EGP 1 million, a source told the Middle East News Agency (MENA) on Tuesday.

As a result, lawsuits against about 220,000 people will be dropped, the CBE source added.

The recently-launched initiative cover about 940,000 customers with total principal loans of EGP 11.308 billion and interest payment of EGP 4.25 billion.

Upon reaching an agreement with the borrower to pay in kind the value of 50% of the principal debt, the customer will be removed from the credit blacklist.