Egypt's central bank extends credit regulatory facilities for SMEs to mid-2024

The extended facilities were approved in December 2021 to help SMEs cope with the ramifications of the Covid-19 pandemic.

The facilities concern the application of the ninth international financial reporting standard (IFRS 9).

IFRS 9 specifies how an entity should classify and measure financial assets, financial liabilities, and some contracts to buy or sell non-financial items.

Egypt's facilities for businesses

The Egyptian government made decisions and launched several initiatives to attract foreign investments and boost the private sector.

Egypt's Prime Minister Moustafa Madbouly instructed to establish a permanent cabinet unit assigned with proposing policies, laws and regulations that ensure the growth and prosperity of startups in Egypt.

In May, Egypt's newly restructured Supreme Council for Investment approved 22 decisions to encourage FDIs and private investments in Egypt.

The decisions include many proposals for legislative amendments for the government, including reducing the cost of establishing companies, simplifying the required approval procedures and their duration, and expanding the issuance of the Golden Licence.