Cabinet, CBE agree to help businesses struggling to repay LCs

Cabinet, CBE agree to help businesses struggling to repay LCs: Prime Minister Sherif Ismail agreed to step in and help find solutions to businesses claiming to have been caught upside-down with open letters of credit after the float of the EGP, AMAY reported. An official cabinet statement on the issue gives few details, but an industry association official tells Al Mal that one of its cornerstones is allowing companies to repay their debts in installments over seven years. We had noted that some of the ideas floated during the government’s talks with local companies last week include repayment in installments over three to five years at fixed exchange rates negotiated with banks.