Egyptian central bank pledges to write off companies’ debt in ‘crisis’ measures

The Central Bank of Egypt

The Central Bank of Egypt has pledged to write off interest payments on the debt of around 5,000 industrial companies, local media sources have reported.

Central bank governor Tarek Amer announced that the central bank would provide total funding of 100 billion Egyptian pounds ($5.6 billion) to write off debt interest and to back other measures of debt relief for companies, local publications said. 

The central bank said it aimed to exempt around 107,000 businesses from debt interest payments,

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