{"id":609120,"date":"2023-10-31T00:00:00","date_gmt":"2023-10-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/31\/mps-approve-fresh-borrowing-oil-exploration\/"},"modified":"2023-10-31T00:00:00","modified_gmt":"2023-10-31T00:00:00","slug":"mps-approve-fresh-borrowing-oil-exploration","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/31\/mps-approve-fresh-borrowing-oil-exploration\/","title":{"rendered":"MPs approve fresh borrowing, oil exploration"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Yesterday in the House:<\/strong> Our elected representatives gave their blessings to more government borrowing and another round of oil exploration in the Mediterranean, while President Abdel Fattah El Sisi signed into law bills that for the first time enables foreign companies to register as importers, and allows the government to reopen car import scheme to raise additional FX.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">#<strong>1- Big bank loan approved:<\/strong> MPs approved the Finance Ministry\u2019s plans to take out a seven-year, <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab54f077-c5c2-4205-93a9-92757baed9bf\" style=\"\" rel=\"noopener\">USD 500 mn loan<\/a> from Deutsche Bank and the Arab Banking Corporation (Bank ABC) to support education and healthcare spending. Kuwaiti ins. company Dhaman is guaranteeing the loan. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Where the money\u2019s going:<\/strong> Renovating classrooms, the universal health ins. system, and upgrading hospitals under Hayah Karima, according to an explanatory note.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Not everyone was on board: <\/strong>\u201cThe government does not still have the intention or the will to stop the policy of excessive borrowing, even if the new loans are expensive and with bad conditions for the future generations,\u201d said one MP. The rate of interest on the loan has not been publicly disclosed.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> Government borrowing has spiraled over the past decade \u2014 with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/450c2cb7-4819-4598-a61f-cb17259fbe7b\" style=\"\" rel=\"noopener\">external debt<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/450c2cb7-4819-4598-a61f-cb17259fbe7b\" style=\"\" rel=\"noopener\">quadrupling<\/a> to a record USD 165.4 bn as of March \u2014 and rising interest rates at home and abroad are making it more expensive to service. <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fce3ee3-016d-412b-be92-c47ec2ae0e72\" style=\"\" rel=\"noopener\">Moody\u2019s<\/a> and <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c9d2065-c5ad-456f-adb1-867053c60a70\" style=\"\" rel=\"noopener\">S&P Global Ratings<\/a> have both recently downgraded our sovereign credit rating in part because of rising concerns about our ability to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c4c99b98-6ac1-44ac-92fc-525f702f20e4\" style=\"\" rel=\"noopener\">meet debt repayments<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Maait defend<\/strong><strong>s government\u2019s borrowing policies:<\/strong> \u201cThe Egyptian state has always been able to pay back debts and meet financial obligations,\u201d said Finance Minister Mohamed Maait, who pointed out that it made USD 52 bn in debt repayments during the first half of 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Oil exploration:<\/strong> MPs also authorized the Oil Ministry to contract ExxonMobil, Cheiron\u2019s Pico Petroleum and the Kuwait Foreign Petroleum Exploration Company (Kufpec) to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3fc0de29-51fd-4bab-92a0-27b66b27dfcd\" style=\"\" rel=\"noopener\">explore for oil and gas<\/a> in the Mediterranean and Gulf of Suez. <\/p>\n<ul>\n<li><strong>ExxonMobil<\/strong> will invest USD 200 mn into oil and gas exploration operations at the <strong>Masry<\/strong>and <strong>Cairo offshore blocs<\/strong> in the Mediterranean, according to <a target=\"_blank\" href=\"https:\/\/twitter.com\/AsharqbEGY\/status\/1719032076551524705?s=20\" style=\"\" rel=\"noopener\">Asharq Business<\/a>. Drilling is expected to begin in the two blocs in early 2024.<\/li>\n<li><strong>Kufpec<\/strong> and <strong>Pico<\/strong> will explore for oil at the <strong>Geisum and Tawila West concession<\/strong> in the Gulf of Suez. Pico owns 60% of the development lease while Kufpec holds the remaining 40%.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also approved:<\/strong><\/p>\n<ul>\n<li>Granting an EUR 670k loan from the Spanish Agency for International Development Cooperation to help overhaul how the agriculture sector uses water;<\/li>\n<li>Approving the establishment of the National Council for Childhood and Motherhood. The bill now awaits ratification from President Abdel Fattah El Sisi.<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SIGNED INTO LAW-<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>El Sisi signs into law importers registry, expat car-for-FX initiative amendments: <\/strong>President Abdel Fattah El Sisi yesterday ratified two bills recently <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c5f1c0f-aa31-40cb-9de1-7c1f24ab10c0\" style=\"\" rel=\"noopener\">passed by the House of Representatives<\/a>, according to a decree published in the Official Gazette. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Foreign investors can now become importers <\/strong>for a 10-year period that can be renewed once. The law will allow them to hold stakes of up to 49% in trading companies that import into Egypt, including limited liability companies, joint stock companies, and sole proprietorships. The move is part of the <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\" rel=\"noopener\">22 measures<\/a> drawn up by the Supreme Investment Council in May to help attract more foreign direct investment into the country.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Car import scheme round 2:<\/strong> The second iteration of the government\u2019s <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\" style=\"\" rel=\"noopener\">car import scheme<\/a> has opened, allowing expats to import new cars tax- and customs-free provided they pay the fees in FX. Under the amendments signed into law yesterday, the scheme has been reopened for three months to give the government another opportunity to support FX reserves amid a severe FX shortage and ahead of an anticipated devaluation later this year. Expats can sign up via the government app on <a target=\"_blank\" href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.mcit.eca\" style=\"\" rel=\"noopener\">Google Play<\/a> and the <a target=\"_blank\" href=\"https:\/\/apps.apple.com\/eg\/app\/%D8%B3%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D9%8A%D9%86-%D8%A8%D8%A7%D9%84%D8%AE%D8%A7%D8%B1%D8%AC\/id6444364022\" style=\"\" rel=\"noopener\">App Store<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How much FX could be raised this time?<\/strong> The government could raise anything between USD 450 mn and USD 1 bn via the program, a government source <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d099209-b677-40f2-a47e-569e5b938cd7\" style=\"\" rel=\"noopener\">told us<\/a> earlier this month. The government expects the first round of the program to have raised around <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/adc21580-5328-42dd-8b3e-402afed49b10\" style=\"\" rel=\"noopener\">USD 900 mn<\/a> \u2014 a little over a third of the USD 2.5 bn initially targeted. It ran for six months, ending in May.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> Similar to its predecessor, the three-month initiative allows expats to receive full rebates in EGP equivalent on customs fees, VAT, and other taxes within five years of purchasing a vehicle, provided they pay them upfront in FX. Participants of the first program are ineligible to participate again. The initiative is renewable for an additional three-month period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government will borrow USD 500 mn from Deutsche Bank and Bank ABC to fund healthcare and education spending<\/p>\n","protected":false},"author":1,"featured_media":609121,"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":[7344],"tags":[144,2154,6939,88,2203,93,72,778,103,276,2234,274,10734,187,277,91,10909],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-automotive","tag-bank-abc","tag-cheiron-energy","tag-debt-watch","tag-deutsche-bank","tag-energy","tag-enterpriseam","tag-exxonmobil","tag-fdi","tag-finance-ministry","tag-foreign-exchange","tag-house-of-representatives","tag-kufpec","tag-legislation-watch","tag-mohamed-maait","tag-oil-and-gas","tag-pico-energy","wpautop","entry"],"acf":{"mongo_id":"bef1d586-c5e9-4061-a227-b80ecdbff768","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1481.jpg","photo_position":"above","homepage_title":"","full_issue_title":"MPs approve fresh borrowing, oil exploration","related_issue":[609106],"teaser":"The government will borrow USD 500 mn from Deutsche Bank and Bank ABC to fund healthcare and education spending","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/10\/.e86b7e8a-a281-40c1-8a2c-dc358659c5ee.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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