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Wednesday, 27 May 2020

What you need to know about the CBE’s new facility postponing credit payments

Doaa A.Moneim , Monday 23 Mar 2020
Central Bank
File Photo: Central Bank of Egypt's headquarters is seen in downtown Cairo (Photo: Reuters)
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The Central Bank of Egypt (CBE) has launched a package to ease financial operations for individuals and corporations and alleviate burdens on clients amid the coronavirus outbreak.
 
Here is what you need to know about the new measures the CBE introduced in terms of postponing credit payments for six months:
 
1- The postponement of payments on all credit entitlements is in effect as of 16 March, including short-term facilities, future and current loan installments, and proceeds.  
 
2- The new facility is applicable to regular and non-regular clients, individuals and corporations alike, including finance leasing, real-estate finance, factoring, and small and medium sized enterprises.
 
3- It is applicable to beneficiaries of CBE initiatives.
 
4- Consumer loans, including personal loans, credit cards, loans for buying cars for personal use, and real-estate loans for personal housing are covered under the facility.
 
5- New credit facilities applied after 16 March are excluded.
 
6- No proceeds or delay commission will be imposed due to postponement.
 
7- Proceeds are calculated according to the contracted pricing mechanism that was applied before 16 March.
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