{"id":548750,"date":"2022-08-21T04:00:46","date_gmt":"2022-08-21T04:00:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves\/"},"modified":"2022-08-21T04:00:46","modified_gmt":"2022-08-21T04:00:46","slug":"abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves\/","title":{"rendered":"Abdalla at the CBE + a new industrial tender get attention on the airwaves"},"content":{"rendered":"

<\/a> Hassan Abdalla\u2019s appointment as caretaker governor of the Central Bank of Egypt <\/strong>got a lot of attention on the airwaves last night<\/strong>, with El Hekaya (watch, runtime: 2:42<\/a>; 5:31<\/a>) and Sada El Balad (watch, runtime: 2:43<\/a>) both covering the news.<\/p>\n

The key question: What happens to the EGP?<\/strong> \u201cAbdalla\u2019s priority will be to shift Egypt\u2019s economic policy from one pegged to a fixed EGP to a more flexible currency that is adaptable to supply and demand and market movements,\u201d economist Hany Genena told El Hekaya\u2019s Amr Adib, joining a growing chorus of economists<\/a> calling for increased EGP flexibility. \u201cA stable FX rate requires severe austerity measures that do not complement Egypt\u2019s current economic agenda or plans for expansions and development,\u201d he said.<\/p>\n

Also on Abdalla\u2019s agenda:<\/strong> The new governor will need to decide whether the CBE will continue offering loans at preferential rates to SMEs and tourism companies, a policy that the IMF is telling the government to end, Genena said. We have more on Abdalla\u2019s appointment in this morning\u2019s Moves section, above.<\/p>\n

The new trade + industry minister is getting to work: <\/strong>The Trade and Industry Ministry is launching a tender for three industrial complexes comprising 1k units in Upper Egypt next week for micro, small and medium enterprises (MSMEs), head of the Industrial Development Authority (IDA) Mohamed El Zalat, told Ala Mas\u2019ouleety (watch, runtime: 5:07<\/a>). The ministry has slashed prices for the conditions booklet for companies bidding for the units by more than half to EGP 300-500, from EGP 2k previously, he said.<\/p>\n

Hundreds of companies have obtained licenses for industrial land from the ministry <\/strong>within 20 days or less <\/strong>since May, El Zalat said (watch, runtime: 6:19<\/a>). The ministry had taken over responsibility for issuing licenses in May to expedite procedures that normally forced companies to obtain at least 14 approvals before obtaining a license. Some 3-4k companies obtained building permits for their factories in 2021 and have already started operations, he said.<\/p>\n

Remember:<\/strong> Ahmed Saleh recently took over<\/a> as the country\u2019s trade and industry minister, replacing Nevine Gamea, who was criticized by MPs and investors during her time in office for the slow pace of industrial licensing and bureaucratic reform.<\/p>\n

Also on the airwaves last night:<\/strong><\/p>\n