EGP 200 million minimum capital for inquiry and credit rating companies

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Article (112) of Law No. 194 of 2020 promulgating the Central Bank and Banking System Law permits the Central Bank’s board of directors to license companies to provide information and credit rating services related to the indebtedness of bank clients, real estate finance companies, financial leasing companies, microfinance companies and associations, consumer finance companies and indebtedness Applicants for obtaining financing or credit facilities from suppliers of goods and services, and other credit granting bodies to be determined by a decision of the Board of Directors.Inquiry and credit rating companies must take the form of an Egyptian joint stock company, and its issued and paid-up capital shall not be less than 200 million pounds. The Board of Directors of the Central Bank shall determine by a decision the rules, conditions and procedures for licensing, the work system in these companies, and the Central Bank’s control system over them.

The board of directors sets an annual supervision fee for inquiry and credit rating companies that does not exceed 100,000 pounds, to be paid during the month of January of each year.

These companies shall be subject to the provisions set forth in Articles (144 and 145) of this law, in proportion to their nature, and a register shall be prepared in the Central Bank for the registration of such companies.





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