The Central Bank of Egypt (CBE) has waived EGP 48.5 billion worth of debts and interest payments for installed factories and enterprises in line with the CBE's initiative to alleviate debts for installed entities in industrial and services sectors.

According to MENA, meetings were held over the past few weeks with 176 enterprises that resulted in dropping legal cases against 91 companies.

Sources in the CBE told MENA that the meeting approved pumping new funds to raise productive capacities and operate 78 factories.

Vice governor of the CBE Gamal Negm said on Monday that the CBE has decided to extend the due date for installed factory debts to one more year.

Negm added that the CBE initiative targets waiving debt interests that these factories will not be able to pay, while repaying only 50 percent of the total amount of the loans factories have taken out.

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