{"id":577484,"date":"2022-11-24T04:03:31","date_gmt":"2022-11-24T04:03:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/24\/the-cbes-exit-from-the-subsidized-loan-programs-isnt-going-down-well-with-some-industry-figures\/"},"modified":"2022-11-24T04:03:31","modified_gmt":"2022-11-24T04:03:31","slug":"the-cbes-exit-from-the-subsidized-loan-programs-isnt-going-down-well-with-some-industry-figures","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/24\/the-cbes-exit-from-the-subsidized-loan-programs-isnt-going-down-well-with-some-industry-figures\/","title":{"rendered":"The CBE\u2019s exit from the subsidized loan programs isn\u2019t going down well with some industry figures"},"content":{"rendered":"

<\/a> A decision by the government to end the central bank\u2019s role in subsidizing loans has not <\/strong>been received well by some sections of the business community<\/strong>, with the Egyptian Businessmen\u2019s Association (EBA) and some MPs calling on ministers to rethink their plans.<\/p>\n

Refresher:<\/strong> A decree<\/a> issued by Prime Minister Moustafa Madbouly earlier this week will see the CBE stop providing funding for subsidized loans, and pass the responsibility to the housing, finance and tourism ministries. The central bank currently backs soft loans for key areas of the economy, including construction<\/a>, industry, agriculture<\/a> and tourism<\/a>, as well as mortgages<\/a> and some cars<\/a>. It has allocated hundreds of bns of EGP to financing borrowers in these sectors with loans at an interest rate of 8%.<\/p>\n

The IMF wants this to stop:<\/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. Under its 2020 standby loan program, the central bank had pledged not to renew the programs<\/a> past FY2021-2022 but still hasn\u2019t pulled its support. The IMF argues that providing loans at below-market rates complicates monetary policy, but is willing to allow them to continue provided the costs are borne by the government and not the central bank.<\/p>\n

Industry figures aren\u2019t happy:<\/strong> \u201cThe export-led industrial and agricultural sectors will be the ones most negatively impacted by the decision,\u201d said EBA chairman Ali Eissa. \u201cThis decision will push the export-led sectors out from competition on the world markets, cut industrial investments and compel most industrial businesses to lay off workers.\u201d<\/p>\n

The EBA appears to have sympathizers in the House:<\/strong> Rep. Mahmoud Essam, who sits on the House Industrial Committee, has called on the government to listen to the industrial committee\u2019s concerns. \u201cMany start-up industrial projects depend on subsidized loans and the halt of these will put them in a serious mess,\u201d he said.<\/p>\n

Cue an appeal to the president:<\/strong> The EBA\u2019s industrial, agricultural and tourism committees will meet today to discuss their response to the decree, and will draft a memorandum that will be submitted to the Supreme Investment Council, which is chaired by President El Sisi. The industry body will propose setting up a fund at the Finance Ministry to help fund the loans, and phasing out the central bank\u2019s involvement over the next five years, said Mageddin El Manzlawy, chairman of the EBA\u2019s industrial committee. \u201cMost of the loans are directed to buying raw materials and production inputs and a sudden halt of them will throw companies into a state of disarray,\u201d he said.<\/p>\n

They want others on board:<\/strong> The EBA is in talks with the Federation of Egyptian Industries (FEI) and the Chambers of Commerce to form a unified position. The FEI, led by businessman Mohamed El Sewedy, is yet to reveal his position on the issue.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 earlier this week will […]<\/p>\n","protected":false},"author":1,"featured_media":577485,"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":[917,72,272,7196,100],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-policy","tag-egyptian-businessmens-association","tag-enterpriseam","tag-imf","tag-industry","tag-policy","wpautop","entry"],"acf":{"mongo_id":"99a317f8-e5c5-4e72-b92f-ca9c0f836549","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/382.jpg","photo_position":"above","related_issue":[577477],"teaser":"","voice_url":""},"yoast_head":"\nThe CBE\u2019s exit from the subsidized loan programs isn\u2019t going down well with some industry figures - 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\/24\/the-cbes-exit-from-the-subsidized-loan-programs-isnt-going-down-well-with-some-industry-figures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The CBE\u2019s exit from the subsidized loan programs isn\u2019t going down well with some industry figures\" \/>\n<meta property=\"og:description\" content=\"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. 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Borrowers who have already taken out loans under the program will continue to benefit from the subsidized 8% interest rate. 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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":577653,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/making-it-easier-to-become-an-organ-donor-in-egypt-is-smart-policy\/","url_meta":{"origin":577484,"position":2},"title":"Making it easier to become an organ donor in Egypt is smart policy","author":"enterpriseam admin","date":"30 November 2022","format":false,"excerpt":"The end of subsidized loans to industry was the big business topic on the talk shows last night as the pundits parsed the reaction to the Central Bank of Egypt\u2019s (CBE) clarification that subsidized 8% loans to the industrial, agricultural, and construction industries will be axed. Egyptian Businessmen\u2019s Association (EBA)\u2026","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/504.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":677872,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/12\/24\/farmers-arent-borrowing-to-survive-anymore-theyre-investing\/","url_meta":{"origin":577484,"position":3},"title":"Farmers aren\u2019t borrowing to survive anymore \u2014 they\u2019re investing","author":"enterpriseam admin","date":"24 December 2025","format":false,"excerpt":"Medium-term loans rose more than 1k% to EGP 22.6 bn in the FY 2023-24, while short-term lending fell more than 20% to EGP 8.6 bn","rel":"","context":"In "Agriculture"","block_context":{"text":"Agriculture","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/agriculture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/12\/1168.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578953,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/19\/real-estate-developers-want-more-help-overcoming-the-economic-crisis\/","url_meta":{"origin":577484,"position":4},"title":"Real estate developers want more help overcoming the economic crisis","author":"enterpriseam admin","date":"19 January 2023","format":false,"excerpt":"Real estate associations call on authorities for support: Some in the real estate industry are asking for state support as they battle the economic headwinds that the rest of the business community is presently facing. In a list of demands submitted earlier this week, the real estate divisions of the\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/329.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":639402,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/29\/businessmens-association-organizing-trip-to-morocco-to-study-joint-investments\/","url_meta":{"origin":577484,"position":5},"title":"Businessmen\u2019s association organizing trip to Morocco to study joint investments","author":"enterpriseam admin","date":"29 October 2017","format":false,"excerpt":"The Egyptian-Moroccan Businessmen\u2019s Association is organizing a trip to Casablanca on the 19 November to study potential cooperation in fields including heavy-duty industry, as well as food, auto, textile, and fertilizer manufacturing, according to Al Ahram.","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"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\/577484","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=577484"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577484\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577477"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577485"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577484"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577484"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}