{"id":577644,"date":"2022-11-30T04:10:07","date_gmt":"2022-11-30T04:10:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-end-of-subsidized-loans-to-industry\/"},"modified":"2022-11-30T04:10:07","modified_gmt":"2022-11-30T04:10:07","slug":"the-end-of-subsidized-loans-to-industry","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/the-end-of-subsidized-loans-to-industry\/","title":{"rendered":"The end of subsidized loans to industry"},"content":{"rendered":"

<\/a> Subsidized loans to industrial, agricultural, and construction companies will be <\/strong>axed<\/strong>, Deputy Central Bank of Egypt (CBE) Governor Gamal Negm said during a cabinet meeting<\/a> yesterday. Borrowers who have already taken out loans under the program will continue to benefit from the subsidized 8% interest rate. However, industry players who want to extend or borrow more under existing facilities will have to do so at prevailing interest rates, according to the statement. The central bank has informed the Federation of Egyptian Industries (FEI) and local banks of the move, Negm said.<\/p>\n

REFRESHER-<\/strong> A decree<\/a> issued by Prime Minister Moustafa Madbouly last week saw the CBE end support for the 8% subsidized loans. The central bank will pass responsibility for some loan programs \u2014 including mortgages, tourism industry loans, the dual-fuel vehicle replacement scheme, and loans to farmers for irrigation upgrades \u2014 to the housing, finance, and tourism ministries. The fate of loans to industry wasn\u2019t clear until yesterday.<\/p>\n

The Egyptian Businessmen\u2019s Association (EBA) called the decision to end subsidized loans \u201csurprising\u201d \u2014 and is (unsurprisingly) less than happy about it. <\/strong>The EBA wasn\u2019t notified of the move despite flagging concerns<\/a> to the PM over ending the central bank\u2019s role in the program last week, chairman Ali Eissa told Kelma Akhira\u2019s Lamis El Hadidi (watch, runtime: 12:43<\/a>). The industry body had hoped to 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.<\/p>\n

Manufacturers won\u2019t be able to afford a sudden jump in interest rates<\/strong>, Eissa argues. \u201cThis could cause factories to slash production\u2026and have producers hike prices for consumers amid limited supply,\u201d he said.<\/p>\n

In all likelihood cheering the news? The IMF. <\/strong>Reports in the press had suggested in the past weeks that ending subsidized loans was one of the conditions set by the IMF for our fresh financing. The Washington-based lender argues that providing financing at below-market rates is a lever best left in the hands of fiscal policymakers and is not the purview of the folks who set monetary policy. If we want, as a nation, to offer lower rates for SMEs, certain types of corporates, women-owned businesses, et cetera, it\u2019s going to have to come out of ministries \u2014 using tax receipts \u2014 and not via CBE policy.<\/p>\n","protected":false},"excerpt":{"rendered":"

Subsidized loans to industrial, agricultural, and construction companies will be axed, Deputy Central Bank of Egypt (CBE) Governor Gamal Negm said during a cabinet meeting yesterday. Borrowers who have already taken out loans under the program will continue to benefit from the subsidized 8% interest rate. However, industry players who want to extend or borrow […]<\/p>\n","protected":false},"author":1,"featured_media":577645,"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":[8250],"tags":[97,271,130,7106,917,72,7196],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt","tag-agriculture","tag-central-bank-of-egypt","tag-construction","tag-debt","tag-egyptian-businessmens-association","tag-enterpriseam","tag-industry","wpautop","entry"],"acf":{"mongo_id":"b3fbe27d-0a52-434a-b969-b2b4e75f79e1","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/499.jpg","photo_position":"above","related_issue":[577633],"teaser":"","voice_url":""},"yoast_head":"\nThe end of subsidized loans to industry - 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\/30\/the-end-of-subsidized-loans-to-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The end of subsidized loans to industry\" \/>\n<meta property=\"og:description\" content=\"Subsidized loans to industrial, agricultural, and construction companies will be axed, Deputy Central Bank of Egypt (CBE) Governor Gamal Negm said during a cabinet meeting yesterday. 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Meetings between a committee with members from the CBE and the Egyptian Federation of\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":[]},{"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":577644,"position":1},"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. 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