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The Bank announced its plan to support businesses and individuals in default, according to the initiative of the Egyptian Central Bank announced by the Governor of the Central Bank last week The Bank's plan is based on two axes Main: a complete inventory of individuals and businesses. Deferred debts are estimated at LE 500 million, other than hidden and marginal revenues. The second axis is to encourage new customers to benefit quickly from the initiative by direct contact with them or by sending [19659002] Plan of the United Bank for the Settlement of Defective Legal and Natural Persons:
On the basis of the two axes, measures will be taken according to the nature of each case, and as soon as possible, to ensure return of the spirit to the industry And thus push back the production wheel to increase the national income and eliminate one of the most important problems that prevent the domestic industry from stumbling, and so provide employment opportunities to eliminate unemployment and transform the workforce to increase the value of Made in Egypt. ] Immediate Settlement – in accordance with applicable rules
2- Technical Assistance and Technical Banking Advice – Through technical support and banking and economic technology for troubled factories in order ensure that these projects reach the production and profit stage .
Commenting on the initiative of the Central Bank of Egypt, Ashraf Al-Qadi, president of the United Bank, said that this initiative is a step forward to stimulate the local industry, increase production and eliminate unemployment. To ease the burden of citizens and help troubled businesses return to work
and its importance to participating banks This initiative aims to reduce the provision for bad debts of banks, which increases the ability of banks to channel these funds to finance the SME sector. (19459003). The judge added that one of the most outstanding industries due to the failure of specialized factories in: the textile industry – agricultural projects and animal wealth – heavy industries (steelmaking) – the furniture industry
Regarding the reasons for the failure of these factories, Ashraf al-Qadi points out that the main reasons for these stumbles are due to: the decline in economic conditions Following the revolution and the crises of January 2011 What hit the industrial sectors because of the sharp rise in commodity prices
Faraj Abdul Hamid, Vice President and General Manager, said that the recent Central Bank initiative will lead to the recovery of domestic and foreign trade, because the initiative will allow the return of productive activity For those plants that are stuck due to a trip or loss. 9, exposure to losses.
This is added to the settlement of disputes between banks and firms in difficulty, which helps to improve the investment climate and encourages investors to cooperate with banks .
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