{"id":592064,"date":"2019-12-25T04:24:28","date_gmt":"2019-12-25T04:24:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/"},"modified":"2019-12-25T04:24:28","modified_gmt":"2019-12-25T04:24:28","slug":"are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/","title":{"rendered":"Are we at the long-awaited age of easy borrowing in Egypt?"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The CBE has signaled it wants to make it easier for consumers to borrow. Will corporate appetite pick up in tandem<\/strong><strong>? <\/strong>The CBE\u2019s monetary easing policy and four interest rate cuts this year were simply the opening salvo to a series of decisions and policies designed to expand lending. The most recent of these is the central bank decision <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/23\/what-were-tracking-on-monday-23-december-2019-8907\/\">earlier this week<\/a> to effectively raise the ceiling on consumer borrowing limits. The decision allows individual consumers to carry monthly payments for unsecured borrowing equivalent to up to 50% of their after-tax income, up from 35% previously. While this is expected to spur consumer spending throughout the economy, a number of key industries are particularly well-poised to benefit from this era.<\/p>\n<p><strong>Retail banking: <\/strong>The decision is expected to positively impact lending portfolio growth at publicly traded banks CIB, QNB, and Credit Agricole, Beltone said in a research note on Sunday. It is also expected to significantly benefit listed players with NBFI arms including GB Auto, EFG Hermes and CI Capital. The research note does warn, however, that the new ceiling could raise the credit risk at lenders with a large base of retail clients. It could make it harder for the retail operations of banks to maintain their same asset and loan quality as before if net incomes grow at a slow pace.<\/p>\n<p><strong>Automotive industry also stands to benefit from higher credit ceiling: <\/strong>Automotive sales could increase by as much as 30% on the back of the CBE\u2019s decision, head of the car traders\u2019 federation Osama Abou El Magd said, <a href=\"https:\/\/bit.ly\/2PSWRDd\">according to Al Masry Al Youm<\/a>. Some 80% of car purchases in the country are paid in installments, Abou El Magd added. He also attributes growth in sales to a lower interest rate environment.<\/p>\n<p><strong>The era of easy consumer credit will be accompanied by regulation<\/strong><strong>: <\/strong>This comes as the FInancial Regulatory Authority is pushing the <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/27\/fra-working-on-consumer-credit-act-expect-to-see-a-draft-circulating-in-the-coming-week\/\">Consumer Credit Act<\/a> through the House of Representatives. The legislation will regulate consumer finance companies who have a portfolio of at least EGP 25 mn in outstanding loans, <a href=\"https:\/\/bit.ly\/2SngYv3\">reports Al Mal<\/a>. This stipulation was criticized by members of the House Economic Committee but was left unchanged after the committee wrapped up its discussions of the proposed act yesterday. The committee also decided to reduce the violations within the draft law before it wrapped up its talks.<\/p>\n<p><strong>Either way, headline figures suggest there\u2019s plenty of room to grow <\/strong>in a nation in which the ratio of consumer debt to GDP stands at below 10%.<\/p>\n<p><strong>Things aren\u2019t looking too bad for corporate and securitized debt, either: <\/strong>This comes as monetary easing throughout the year has uplifted Egypt\u2019s securitized debt market, with our friends at Madinet Nasr Housing (MNHD) <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/19\/egypts-efg-subsidiary-is-first-to-issue-short-term-debt-under-new-fra-framework-8761\/\">being the latest<\/a> to close a EGP 370 mn issuance last week. EFG Hermes subsidiary Hermes Securities Brokerage is also set to break a 10-year-long dry spell for non-securitized corporate bond issuances when it sells short-term corporate bonds <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/22\/what-were-tracking-on-sunday-22-december-2019-8824\/\">before the end of the year<\/a>.<\/p>\n<p><strong>The big question: Have rates hit the point that corporates will start tapping <\/strong><strong>banks for capex funding? <\/strong>Corporate earnings have caught up in USD terms to pre-devaluation levels and interest rates are down in an easing cycle. That gives corporate Egypt a \u201cdirection\u201d \u2014 most companies borrow at floating rates and now know, thanks to consecutive rate cuts, the directionality of interest rates.<strong> We won\u2019t have to wait much longer to see if corporate demand for borrowing is back: The first half of the year is \u201chigh season\u201d for medium-term borrowing to support capex<\/strong> \u2014 so watch this space, folks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The CBE has signaled it wants to make it easier for consumers to borrow. Will corporate appetite pick up in tandem? The CBE\u2019s monetary easing policy and four interest rate cuts this year were simply the opening salvo to a series of decisions and policies designed to expand lending. The most recent of these is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":592065,"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":[8572],"tags":[144,204,4487,10992,72,338,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-592064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-automotive","tag-banking","tag-consumer-credit-act","tag-consumer-debt","tag-enterpriseam","tag-retail","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"c4d538f2-034d-4e97-a030-f3b5781d4806","is_powered_by":true,"section_story_id":"74bc906c-6775-4d9a-bbb8-7d314e348bf9","story_type":"1","photo_url":"https:\/\/ent.news\/2017\/8\/785.jpg","photo_position":"above","related_issue":[592056],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Are we at the long-awaited age of easy borrowing in Egypt? - 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\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are we at the long-awaited age of easy borrowing in Egypt?\" \/>\n<meta property=\"og:description\" content=\"The CBE has signaled it wants to make it easier for consumers to borrow. Will corporate appetite pick up in tandem? The CBE\u2019s monetary easing policy and four interest rate cuts this year were simply the opening salvo to a series of decisions and policies designed to expand lending. The most recent of these is [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-25T04:24:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2017\/8\/785.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Are we at the long-awaited age of easy borrowing in Egypt?\",\"datePublished\":\"2019-12-25T04:24:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/\"},\"wordCount\":602,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2017\/8\/785.jpg?fit=%2C&ssl=1\",\"keywords\":[\"automotive\",\"banking\",\"Consumer Credit Act\",\"consumer debt\",\"EnterpriseAM\",\"retail\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/25\/are-we-at-the-long-awaited-age-of-easy-borrowing-in-egypt\/\",\"name\":\"Are we at the long-awaited age of easy borrowing in Egypt? 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Premium and Sarwa will each hold 50% of the JV. The JV,\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":573846,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/19\/egypt-consumers-can-now-take-out-debt-to-finance-insurance-sporting-club-memberships\/","url_meta":{"origin":592064,"position":1},"title":"Egypt: consumers can now take out debt to finance insurance, sporting club memberships","author":"enterpriseam admin","date":"19 August 2020","format":false,"excerpt":"REGULATION WATCH- Consumers can now take out debt to finance sporting club memberships, insurance policies: The Financial Regulatory Authority (FRA) has authorized consumer finance companies to add the payment of insurance premiums and club membership fees and annual dues to their lists of products, according to a statement. The first\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":572783,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/08\/more-consumer-products-are-now-eligible-for-finance-as-fra-looks-to-boost-consumer-spending\/","url_meta":{"origin":592064,"position":2},"title":"More consumer products are now eligible for finance as FRA looks to boost consumer spending","author":"enterpriseam admin","date":"8 July 2020","format":false,"excerpt":"LEGISLATION WATCH- You can get consumer finance for just about anything now: Consumers will now be able to pay for more products in installments after the Financial Regulatory Authority (FRA) approved a list of new goods eligible for financing under the consumer financing law, according to Hapi Journal. Consumer finance\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":572849,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/12\/consumer-protection-authority-to-fine-companies-that-fail-to-publicly-list-prices\/","url_meta":{"origin":592064,"position":3},"title":"Consumer Protection Authority to fine companies that fail to publicly list prices","author":"enterpriseam admin","date":"12 July 2020","format":false,"excerpt":"Companies face fines if they fail to publicly list the price of their products, including on their websites, Consumer Protection Authority Chairman Ahmed Samir told DMC\u2019s \u201cAl Youm\u201d TV programme (watch: min 26:45). These include companies which advertise that they\u2019ll send prices privately to consumers\u2019 inboxes, he added. Fines will\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":573181,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/22\/details-of-egypts-consumer-spending-initiative-could-emerge-within-a-week\/","url_meta":{"origin":592064,"position":4},"title":"Details of Egypt\u2019s consumer-spending initiative could emerge within a week","author":"enterpriseam admin","date":"22 July 2020","format":false,"excerpt":"We could be hear the details of the government\u2019s consumer-spending initiative within a week, if local press reports citing government officials are anything to go by. According to the officials, the initiative \u2014 which is designed to stimulate EGP 100 bn-worth of consumer spending over three months, starting from the\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":599226,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/23\/house-agrees-to-govt-proposed-bills-to-support-civil-servants\/","url_meta":{"origin":592064,"position":5},"title":"House agrees to gov\u2019t-proposed bills to support civil servants","author":"enterpriseam admin","date":"23 June 2019","format":false,"excerpt":"LEGISLATION WATCH- House committee okays draft Consumer Credit Act: The House Economic Committee has signed off on a draft of the government\u2019s proposed Consumer Credit Act, which would regulate the nation\u2019s fast-growing consumer credit industry, Al Shorouk reports. The government says the bill would improve transparency in the sector and\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592064","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=592064"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/592064\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/592056"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/592065"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=592064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=592064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=592064"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=592064"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=592064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}