FRA sets up committee of NBFs to participate in CBE’s initiative to rehabilitate financially troubled clients

FRA to bring NBFS firms on board with CBE corporate debt forgiveness initiative: The Financial Regulatory Authority (FRA) is forming a committee to assess how non-banking financial services companies can be brought into the Central Bank of Egypt’s initiative to support financially-distressed companies, the regulator said in a statement. The committee will include representatives from the CBE, FRA, and financial leasing and factoring companies. The initiative, which was launched by the CBE (pdf) last month, requires banks to write-off bad corporate loans worth up to EGP 10 mn and will be in place until the end of the current fiscal year.