FEI head commends CBE decision to stop funding loans

CAIRO - 19 December 2022: Chairman of the Federation of Egyptian Industries Mohamed el Sewedy commended Monday a decision by the Central Bank of Egypt to stop providing funding for subsidized loans and pass the responsibility to the government.

 

Addressing the third session of "People And Banks" conference, held today, he described the decision as good, as CBE is not responsible for backing such initiatives, but it is a must that the government offers backing to such sector.

 

He called for simplifying required procedures for foreign investors to remove any similar obstacles to the flow of direct, foreign investments.

 

Exaggeration in the procedures is delaying investment in general, according to him.

 

Efforts are focused on amending some provisions of investment law No 72 of year 2017, which were approved by the Senate last November to unify specifications of different conditions for investment to lure more investors, added Sewedi.