{"id":578489,"date":"2023-01-02T02:51:41","date_gmt":"2023-01-02T02:51:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/fra-tightens-controls-on-follow-on-lending-to-smes\/"},"modified":"2023-01-02T02:51:41","modified_gmt":"2023-01-02T02:51:41","slug":"fra-tightens-controls-on-follow-on-lending-to-smes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/fra-tightens-controls-on-follow-on-lending-to-smes\/","title":{"rendered":"FRA tightens controls on follow-on lending to SMEs"},"content":{"rendered":"

DEBT-<\/strong><\/p>\n

State-owned <\/strong>Assiut National Oil Processing Company (ANOPC)<\/a><\/strong> secured a USD <\/strong>2.9 bn loan to finance its new hydrocracking complex, <\/strong>according to a statement by the National Bank of Egypt, which acted as financial advisor and agent for the transaction. The 12-year loan is being extended by a consortium of international lenders including Credit Agricole, HSBC, Italy\u2019s CDP and UniCredit, Societe Generale, and BNP Paribas. ANOPC was set up to build the mazut hydrocracking facility in partnership<\/a> with Enppi, Petrojet, and Technip.<\/p>\n

REGULATION-<\/strong><\/p>\n

Banks<\/strong> must send their customers account statements at least once every quarter, <\/strong>either in paper form or online, under a new directive (pdf)<\/a> from the Central Bank of Egypt. The directive also lays out rules for lenders that are meant to ensure online banking services are secure and accessible. Banks have until 28 June to comply with the new rules.<\/p>\n

FRA moves to tighten controls on SME follow-on financing: <\/strong>Lenders are no longer able to renew loans extended to small and medium enterprises (SMEs) without first ensuring that original loans have been paid in full, in a move to ensure that companies are not using fresh loans to repay existing ones, according to an FRA statement<\/a>. SMEs can still take out a loan for a separate project while they are repaying existing loans, provided the type of loan is different and only after lenders have conducted due diligence to make sure borrowers\u2019 financials are solid.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. The 12-year loan is being extended by a consortium of international lenders including Credit Agricole, […]<\/p>\n","protected":false},"author":1,"featured_media":578490,"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":[7209],"tags":[111,6489,204,271,7106,72,76,248,595,91,343,287],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-assiut-national-oil-processing-company","tag-banking","tag-central-bank-of-egypt","tag-debt","tag-enterpriseam","tag-financial-regulatory-authority","tag-national-bank-of-egypt","tag-non-banking-financial-services","tag-oil-and-gas","tag-regulation","tag-smes","wpautop","entry"],"acf":{"mongo_id":"87296b49-7e41-44dd-894f-d9d58ea80eb5","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/12.jpg","photo_position":"above","related_issue":[578466],"teaser":"","voice_url":""},"yoast_head":"\nFRA tightens controls on follow-on lending to SMEs - 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\/2023\/01\/02\/fra-tightens-controls-on-follow-on-lending-to-smes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA tightens controls on follow-on lending to SMEs\" \/>\n<meta property=\"og:description\" content=\"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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ANOPC had previously approached the National Bank of Egypt,\u2026","rel":"","context":"In "Infrastructure"","block_context":{"text":"Infrastructure","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/infrastructure\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622973,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/17\/anopc-seeks-egp-1-2-bn-in-financing-for-refinery\/","url_meta":{"origin":578489,"position":1},"title":"ANOPC seeks EGP 1.2 bn in financing for refinery","author":"enterpriseam admin","date":"17 October 2018","format":false,"excerpt":"Assiut National Oil Processing Company (ANOPC) is in talks with local banks for a EGP 1.2 bn loan as part of the financing package for a USD 1.9 bn hydrocracking facility being built by subsidiary Assiut Oil Refining Company (ASORC), sources told Al Mal. ANOPC has approached the National Bank\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622831,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/14\/anopc-signs-contracts-to-develop-usd-1-9-bn-fuel-refinery-in-assiut\/","url_meta":{"origin":578489,"position":2},"title":"ANOPC signs contracts to develop USD 1.9 bn fuel refinery in Assiut","author":"enterpriseam admin","date":"14 October 2018","format":false,"excerpt":"Assiut National Oil Processing Company (ANOPC) inked contracts with Italy's Technip and Enppi to build the USD 1.9 bn fuel refinery in Assiut, Al Shorouk reports. The diesel hydrocracking complex, which will convert lower quality heavy fuel into higher quality products such as LPG, naphtha, kerosene and gasoline, will have\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622666,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/09\/asorc-hires-worleyparsons-as-project-manager-for-its-mazut-hydrocracking-project\/","url_meta":{"origin":578489,"position":3},"title":"ASORC hires WorleyParsons as project manager for its mazut hydrocracking project","author":"enterpriseam admin","date":"9 October 2018","format":false,"excerpt":"The state-owned Assiut Oil Refining Company (ASORC) signed a four-year agreement with Australia-based engineering services company WorleyParsons for management consultancy on ASORC\u2019s USD 1.6 bn mazut hydrocracking facility in Upper Egypt, according to the Oil & Gas Journal. WorleyParsons will handle the project\u2019s basic engineering phase, open-book estimate, detailed design,\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572815,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/technip-signs-usd-1-bn-contract-for-assiut-refinery\/","url_meta":{"origin":578489,"position":4},"title":"Technip signs USD 1 bn+ contract for Assiut refinery","author":"enterpriseam admin","date":"9 July 2020","format":false,"excerpt":"Technip signs USD 1 bn+ contract for Assiut refinery: French construction firm Technip has signed an engineering, procurement and construction contract worth more than USD 1 bn to build a hydrocracking complex for the Assiut Oil Refining Company, Technip said in a statement. The complex will produce around 2.8 mn\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":603519,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/24\/asorc-building-usd-450-mn-facility-to-produce-high-octane-fuels\/","url_meta":{"origin":578489,"position":5},"title":"ASORC building USD 450 mn facility to produce high octane fuels","author":"enterpriseam admin","date":"24 April 2019","format":false,"excerpt":"State-owned Assiut Oil Refining Company (ASORC) is building a USD 450 mn facility to produce high octane fuels with a total capacity of 660k tonnes a year, ASORC head Mahmoud El Shaboury said. El Shaboury didn\u2019t specify a time, but added that the project is currently 40% complete. Assiut National\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"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\/578489","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=578489"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578489\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578466"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578490"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578489"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578489"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}