{"id":577375,"date":"2022-11-21T04:00:07","date_gmt":"2022-11-21T04:00:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/central-bank-to-end-support-for-subsidized-loans\/"},"modified":"2022-11-21T04:00:07","modified_gmt":"2022-11-21T04:00:07","slug":"central-bank-to-end-support-for-subsidized-loans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/central-bank-to-end-support-for-subsidized-loans\/","title":{"rendered":"Central bank to end support for subsidized loans"},"content":{"rendered":"

<\/a> The Central Bank of Egypt is going to stop providing funding for <\/strong>subsidized loans<\/strong> and pass the responsibility to the housing, finance and tourism ministries, under a decree<\/a> issued by Prime Minister Moustafa Madbouly in the Official Gazette yesterday.<\/p>\n

Refresher:<\/strong> For the past couple of years, the CBE has run initiatives designed to improve access to finance for key areas of the economy. Tourism companies<\/a>, industrial and\u00a0 constuction companies, low- and middle-income homebuyers<\/a>, farmers<\/a> wanting to invest in water-efficient irrigation systems, and people applying for the government\u2019s dual-fuel vehicle swap scheme<\/a> have all been able to take out loans from commercial banks at preferential interest rates subsidized by the central bank.<\/p>\n

Now the ministries are on the hook:<\/strong> The housing, finance and tourism ministries will now be responsible for funding the subsidized rates. The Finance Ministry has been tasked with running an audit on the initiatives and making a decision on how (or whether) to take them forward without CBE support.<\/p>\n

Mortgage support cut back:<\/strong> The EGP 50 bn program<\/a> launched in 2020 to help middle earners get mortgages has been reduced to EGP 15 bn, according to the decision.<\/p>\n

We saw this one coming:<\/strong> In the weeks leading up to last month\u2019s loan agreement<\/a> with the IMF, reports in the press had suggested that ending subsidized loans was one of the conditions attached to fresh financing. Three government sources had told Bloomberg Asharq<\/a> that the Fund was pushing the central bank to \u201cunify interest rates\u201d and end the low-interest loans. Was this a condition of the IMF pact? <\/strong>We\u2019ll find out in December when the body\u2019s executive board is scheduled to meet to approve the agreement with Egypt.<\/p>\n

No backsliding allowed:<\/strong> All entities, including the CBE itself, will be banned from financing new initiatives or amending existing ones that would increase burdens on public finances without cabinet approval.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Central Bank of Egypt is going to stop providing funding for subsidized loans and pass the responsibility to the housing, finance and tourism ministries, under a decree issued by Prime Minister Moustafa Madbouly in the Official Gazette yesterday. Refresher: For the past couple of years, the CBE has run initiatives designed to improve access […]<\/p>\n","protected":false},"author":1,"featured_media":577376,"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":[8507],"tags":[204,72,272,281,100],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy","tag-banking","tag-enterpriseam","tag-imf","tag-moustafa-madbouly","tag-policy","wpautop","entry"],"acf":{"mongo_id":"bc99d570-aa53-468e-b000-60de8fa427ff","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/315.jpg","photo_position":"above","related_issue":[577368],"teaser":"","voice_url":""},"yoast_head":"\nCentral bank to end support for subsidized loans - 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\/11\/21\/central-bank-to-end-support-for-subsidized-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central bank to end support for subsidized loans\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Egypt is going to stop providing funding for subsidized loans and pass the responsibility to the housing, finance and tourism ministries, under a decree issued by Prime Minister Moustafa Madbouly in the Official Gazette yesterday. 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Borrowers who have already taken out loans under the program will continue to benefit from the subsidized 8% interest rate. However, industry players who\u2026","rel":"","context":"In "Debt"","block_context":{"text":"Debt","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/debt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/499.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585656,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/27\/tourism-players-once-again-have-access-to-subsidized-loans\/","url_meta":{"origin":577375,"position":1},"title":"Tourism players once again have access to subsidized loans","author":"enterpriseam admin","date":"27 April 2023","format":false,"excerpt":"The gov\u2019t will offer EGP 10 bn worth of loans at an 11% rate to the industry","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/869.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578747,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/industry-and-agriculture-to-get-fresh-subsidized-loans-at-a-higher-11-rate\/","url_meta":{"origin":577375,"position":2},"title":"Industry and agriculture to get fresh subsidized loans at a higher 11% rate","author":"enterpriseam admin","date":"12 January 2023","format":false,"excerpt":"Gov\u2019t plans EGP 150 bn subsidized loan program for industry and agriculture: The Madbouly government is set to offer EGP 150 bn worth of loans at a subsidized 11% interest rate to industry and agriculture players, according to a cabinet statement. The program is set to launch next week, immediately\u2026","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/192.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577484,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/24\/the-cbes-exit-from-the-subsidized-loan-programs-isnt-going-down-well-with-some-industry-figures\/","url_meta":{"origin":577375,"position":3},"title":"The CBE\u2019s exit from the subsidized loan programs isn\u2019t going down well with some industry figures","author":"enterpriseam admin","date":"24 November 2022","format":false,"excerpt":"A decision by the government to end the central bank\u2019s role in subsidizing loans has not been received well by some sections of the business community, with the Egyptian Businessmen\u2019s Association (EBA) and some MPs calling on ministers to rethink their plans.Refresher: A decree issued by Prime Minister Moustafa Madbouly\u2026","rel":"","context":"In "Policy"","block_context":{"text":"Policy","link":"https:\/\/enterpriseam.com\/egypt\/category\/policy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/382.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571401,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/cbe-may-extend-subsidized-loan-program-to-contractors\/","url_meta":{"origin":577375,"position":4},"title":"CBE may extend subsidized loan program to contractors","author":"enterpriseam admin","date":"11 May 2020","format":false,"excerpt":"CBE may extend subsidized loan program to contractors: CBE Governor Tarek Amer will propose allowing contractors to access subsidized loans under the bank\u2019s EGP 100 bn industry stimulus initiative at the next board meeting, he said in an interview with MENA picked up by the local press. 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