{"id":543600,"date":"2022-02-09T04:09:57","date_gmt":"2022-02-09T04:09:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/fra-announces-guidelines-to-encourage-responsible-sme-lending\/"},"modified":"2022-02-09T04:09:57","modified_gmt":"2022-02-09T04:09:57","slug":"fra-announces-guidelines-to-encourage-responsible-sme-lending","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/fra-announces-guidelines-to-encourage-responsible-sme-lending\/","title":{"rendered":"FRA announces guidelines to encourage responsible SME lending"},"content":{"rendered":"

<\/a> The Financial Regulatory Authority (FRA) has set out responsible lending <\/strong>principles for non-bank SME financing products<\/strong>, according to a statement (pdf).<\/a> The new responsible lending code (pdf)<\/a> offers guidance on how to act in borrowers\u2019 best interests by making sure they are offered the most affordable and suitable options. The FRA says the framework develops a system that ensures transparency of terms through disclosures that clearly explain pricing plans, with an eye to making it easier for borrowers to compare options.<\/p>\n

What do the principles entail?<\/strong> Non-bank lenders are now required to set up a three-tier pricing system for their financing products for low-risk, medium-risk, and high-risk customers. The regulator lays out equations for lenders to determine how to price their products, based on certain factors. The nominal interest rate for loans can be set either as a simple rate that lenders can recalculate on a monthly basis, an annual declining rate, or a fixed interest rate for the full tenor of the loan.<\/p>\n

What factors determine the pricing of SME loans?<\/strong> The duration and tenor of the facility, whether it will be used for investment (capital expenditure) or operating expenses, the borrower\u2019s credit history with the lender, whether or not the loan and project being funded are covered by ins., and the borrower\u2019s risk level, according to the new framework. Lenders also need to account for the cost of loan loss provisions, administrative costs, annual inflation rates, and targeted net income margins.<\/p>\n

Non-bank lenders have six months to comply with the new principles<\/strong>, which are set to improve market conditions and competition protection, according to the statement.<\/p>\n

What\u2019s in it for the lenders?<\/strong> The Central Bank of Egypt (CBE) will ensure that lenders who comply with the framework have access to sufficient liquidity for their operational costs. These lenders will also have access to discounted or without-charge training workshops.<\/p>\n

The <\/strong>responsible lending initiative was launched <\/strong>last month<\/a><\/strong> by the CBE and the FRA in partnership with the World Bank, and is directed at all SME lenders they regulate. The World Bank has committed funding to train members of the Egyptian Microfinance Federation<\/a> in best practices, using a curriculum developed by international institutions specialized in responsible finance.<\/p>\n

Who stands to benefit from the initiative? <\/strong>More than 3.5 mn owners of micro, small or medium-sized enterprises, with balances worth around EGP 27 bn, according to the FRA.<\/p>\n

IN OTHER DEBT NEWS- <\/strong><\/p>\n

Misr Capital, the investment arm of state-owned Banque Misr, is working on sukuk <\/strong>issuances for three EGX-listed companies this year<\/strong>, with the first issuance expected in 2Q2022, CEO Khalil El Bawab told B<\/a>loomberg Asharq<\/a>. El Bawab did not disclose the names of the companies or the size of the issuances.<\/p>\n

We\u2019re pretty sure we know who one of these companies is:<\/strong> Misr Capital has been appointed by Palm Hills Developments<\/a> (PHD) to underwrite and promote its planned EGP 3 bn sukuk sale, which could go through this quarter pending regulatory approval, Ayman Elsawy, Group CFO at Contact Financial Holding, told us last month.<\/p>\n

Also in the works: <\/strong>Wadi Degla Developments\u2019s EGP 2 bn sale<\/a> \u2014 which we were expecting last summer \u2014 and Amer Group\u2019s EGP 1.1 bn issuance<\/a> are expected to happen during the first half of the year.<\/p>\n

A sukuk \u201cboom\u201d in 2022?<\/strong> El Bawab said that Egypt\u2019s corporate sukuk market will see a \u201cboom\u201d this year, and predicted that more than EGP 10 bn of the Sharia-compliant securities would be offered to investors. By our count, only one EGP 2.5 bn issuance from Contact Financial Holding<\/a> (formerly Sarwa Capital Holding) took place last year, despite predictions that EGP 20-25 bn in corporate sukuk<\/a> would be issued.<\/p>\n

SEPARATELY- Misr Capital is currently working on issuing securitized bonds worth around EGP 7-8 bn<\/strong> for several companies, with the first of them also penciled in for the second quarter, El Bawab told Asharq, without providing further details.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Regulatory Authority (FRA) has set out responsible lending principles for non-bank SME financing products, according to a statement (pdf). The new responsible lending code (pdf) offers guidance on how to act in borrowers\u2019 best interests by making sure they are offered the most affordable and suitable options. The FRA says the framework develops […]<\/p>\n","protected":false},"author":1,"featured_media":543601,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[204,576,7106,88,72,76,86,287,280],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-banking","tag-banque-misr","tag-debt","tag-debt-watch","tag-enterpriseam","tag-financial-regulatory-authority","tag-misr-capital","tag-smes","tag-sukuk","wpautop","entry"],"acf":{"mongo_id":"e5f2d4ed-7f12-4f3b-85c2-d54764d4fc7b","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/114.jpg","photo_position":"above","related_issue":[543596],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.fdb63395-9246-465a-a102-6bfa36a0b2dd.mp3"},"yoast_head":"\nFRA announces guidelines to encourage responsible SME lending - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/fra-announces-guidelines-to-encourage-responsible-sme-lending\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA announces guidelines to encourage responsible SME lending\" \/>\n<meta property=\"og:description\" content=\"The Financial Regulatory Authority (FRA) has set out responsible lending principles for non-bank SME financing products, according to a statement (pdf). 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The amendments aim to encourage lenders to run background checks on borrowers before granting them loans\u2026","rel":"","context":"In "REGULATION WATCH"","block_context":{"text":"REGULATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":700737,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/10\/valu-gets-fra-nod-to-enter-sme-lending\/","url_meta":{"origin":543600,"position":2},"title":"Valu gets FRA nod to enter SME lending","author":"enterpriseam admin","date":"10 May 2026","format":false,"excerpt":"Plus: FRA greenlights three non-banking financial activity licenses, including the country\u2019s first third-party healthcare administrator","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1646.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578489,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/fra-tightens-controls-on-follow-on-lending-to-smes\/","url_meta":{"origin":543600,"position":3},"title":"FRA tightens controls on follow-on lending to SMEs","author":"enterpriseam admin","date":"2 January 2023","format":false,"excerpt":"DEBT-State-owned Assiut National Oil Processing Company (ANOPC) secured a USD 2.9 bn loan to finance its new hydrocracking complex, according to a statement by the National Bank of Egypt, which acted as financial advisor and agent for the transaction. 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Any company seeking an SME lending license must be at least 50% owned by juridical\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543600"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543600\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543596"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543601"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543600"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543600"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}