In recognition of the difficulties many of its clients are currently experiencing because of the coronavirus, the Institute of Private Enterprise Development Limited (IPED) will waive all late fees generated after February 29 and suspend the penalty interest for late or deferred installments.
In a release yesterday, IPED stated that it has been in communication with most of their existing clients and assures of its awareness of the challenges confronting them and of the Institute’s intention to continue providing the necessary support that they may need to overcome this difficult period. “We advise our clients that all late fees generated after February 29, 2020 will be waived and penalty interest for late or deferred installments will be suspended.” According to IPED, restructuring, rescheduling, refinancing, deferred installments and payment arrangements will be determined on merit for each loan beneficiary, while reiterating that “we understand and will work with all of them to overcome the current crisis.”
