{"id":642727,"date":"2017-08-21T04:04:51","date_gmt":"2017-08-21T04:04:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/21\/banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits\/"},"modified":"2017-08-21T04:04:51","modified_gmt":"2017-08-21T04:04:51","slug":"banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/21\/banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits\/","title":{"rendered":"Banks stop funding 50% of Upper Egypt factories for lacking permits"},"content":{"rendered":"

50% of factories in Upper Egypt have stopped production after banks reportedly refused them financing, Assiut Investors Association head Ali Hamza says, according to Al Shorouk<\/a>. Banks are insisting that factories need to first obtain the required licenses to qualify for loans, Hamza says, explaining that the amount of red tape and cost of fees has made licensing difficult lately. The situation, however, should see some improvement now that the Industrial Permits Act and its executive regulations<\/a> \u2014 which cut the time for licensing down to 30 days and eliminate much of the bureaucracy \u2014 are out.<\/p>\n","protected":false},"excerpt":{"rendered":"

50% of factories in Upper Egypt have stopped production after banks reportedly refused them financing, Assiut Investors Association head Ali Hamza says, according to Al Shorouk. Banks are insisting that factories need to first obtain the required licenses to qualify for loans, Hamza says, explaining that the amount of red tape and cost of fees […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7255],"tags":[72,131],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-642727","post","type-post","status-publish","format-standard","hentry","category-manufacturing","tag-enterpriseam","tag-manufacturing","wpautop","entry"],"acf":{"mongo_id":"005f1d02-ecf7-49ff-98af-61acdc5d061c","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[642693],"teaser":"","voice_url":""},"yoast_head":"\nBanks stop funding 50% of Upper Egypt factories for lacking permits - 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\/2017\/08\/21\/banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks stop funding 50% of Upper Egypt factories for lacking permits\" \/>\n<meta property=\"og:description\" content=\"50% of factories in Upper Egypt have stopped production after banks reportedly refused them financing, Assiut Investors Association head Ali Hamza says, according to Al Shorouk. Banks are insisting that factories need to first obtain the required licenses to qualify for loans, Hamza says, explaining that the amount of red tape and cost of fees […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/21\/banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-21T04:04:51+00:00\" \/>\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<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/21\/banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/21\/banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Banks stop funding 50% of Upper Egypt factories for lacking permits\",\"datePublished\":\"2017-08-21T04:04:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/21\/banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits\/\"},\"wordCount\":103,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"Manufacturing\"],\"articleSection\":[\"Manufacturing\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/21\/banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2017\/08\/21\/banks-stop-funding-50-of-upper-egypt-factories-for-lacking-permits\/\",\"name\":\"Banks stop funding 50% of Upper Egypt factories for lacking permits - 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Hamza said the IDA has placed 200 factories on a waiting list for the permits, without\u2026","rel":"","context":"In "Manufacturing"","block_context":{"text":"Manufacturing","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/manufacturing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568760,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/03\/egypts-banks-told-not-to-take-legal-action-against-struggling-factories\/","url_meta":{"origin":642727,"position":1},"title":"Egypt\u2019s banks told not to take legal action against struggling factories","author":"enterpriseam admin","date":"3 February 2020","format":false,"excerpt":"Banks will be required to call off any legal action they\u2019re taking against factories that are unable to pay off their debts as part of a Central Bank of Egypt (CBE) debt relief initiative, CBE Governor Tarek Amer said in a circular to local banks carried by Youm7. The banks\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":568903,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/06\/egyptian-investors-federation-propose-debt-transfer-scheme-for-faltering-factories\/","url_meta":{"origin":642727,"position":2},"title":"Egyptian Investors Federation propose debt transfer scheme for faltering factories","author":"enterpriseam admin","date":"6 February 2020","format":false,"excerpt":"The Egyptian Federation of Investors Associations proposed transfering faltering factories\u2019 outstanding debts that fall between EGP 10 mn to EGP 50 mn to the Central Bank of Egypt (CBE), reports Masrawy. The transfer would potentially see the CBE purchasing said debts from the banks to whom they are owed.","rel":"","context":"In "Basic Materials + Commodities"","block_context":{"text":"Basic Materials + Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/basic-materials-commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592154,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/29\/cbe-to-speed-up-resolution-of-legal-disputes-between-banks-and-manufacturers\/","url_meta":{"origin":642727,"position":3},"title":"CBE to speed up resolution of legal disputes between banks and manufacturers:","author":"enterpriseam admin","date":"29 December 2019","format":false,"excerpt":"CBE steps in to speed up resolution of legal disputes between state-owned banks and manufacturers: The Central Bank of Egypt is intervening to expedite solving the legal disputes between banks and manufacturers, and agreed with the Egyptian Federation of Investors Associations to form a specialized committee to resolve these disputes,\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":641459,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/24\/unlicensed-factories-have-one-year-to-comply-with-industrial-permits-act\/","url_meta":{"origin":642727,"position":4},"title":"Unlicensed factories have one year to comply with Industrial Permits Act","author":"enterpriseam admin","date":"24 September 2017","format":false,"excerpt":"Trade and Industry Minister Tarek Kabil issued new directives last week that will allow unlicensed factories to receive temporary industrial permits, permitting them to operate legally for a year while they restructure their affairs to comply with the new Industrial Permits Act, Al Borsa reports. 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