Following the issuance of the Law No. 115 of 2015
Regulating Security Interests Over Moveables and its Executive
Regulations published on 15 December 2016, the completion of the
infrastructure and the operation of the Electronic Collateral
Register (ECR) have been anticipated by the finance community as
well as various concerned parties in Egypt and
abroad.
The operation of the ECR marks another step towards modernizing
the secured debt infrastructure. It should primarily facilitate the
financing of SMEs and microfinance in Egypt, both of which are
prioritized by the State in view of the current austerity
measures.
Operation
The ECR will operate two systems in parallel: One for the
inquiries, which will enable any person to inquire about specific
collateral, and another for registering security interest. The
latter is only available for persons registered with the ECR after
entering into a special agreement with the ECR.
