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The Committee on Investments and Economic Policies of the Federation of Egyptian Industries held its meeting, chaired by Dr. Mahmoud Soliman, to discuss the Central Bank's initiative on the settlement of debtors' debts in developing countries. banks with debts of 10 million LE. Participants from the heads of chambers of commerce, industrialists, industrial plant owners and members of the committee of specialists and experts in business and economics are concerned with determining the actual objective of the Initiative and the real benefits that can flow from it.
The main objective of the CBE initiative is to restore the facility, otherwise the results of the initiative will not necessarily be positive: the owner of an installation in difficulty may, after settlement of its debts, close the facility or sell them because they are unable to restart them without support, which may lead to a loss of productive potential and redundancies, which will have negative repercussions on the economic, social and economic development, even if the financial objective of the settlement of the debt is reached
. They have faced a number of challenges for those wishing to take advantage of the initiative, such as the failure of all banks operating in Egypt under the aegis of the central bank to participate in the The initiative, as well as the absence of clear and detailed implementation and implementation mechanisms. , Or the answer to questions, the most common was: the position of business leaders who may be at a certain stage of settlement before launching the initiative.
They pointed out deficiencies in the I-Score system, legal personality, that of a person, and not the balance of those whose debts were settled before the initiative is kept on the date of the badessment for five years against three years for those who were settled in the initiative, as well as the opinion of all present that the amount of the initiative is insufficient,
At the end of the meeting, the participants agreed to meet soon after having listed all the observations and requests, as well as the challenges faced by the industrial sector.
Suleiman said that the Union will prepare a memorandum and submit it to the Minister of Industry and Commerce and the Governor of the Central Bank, including a detailed draft complementing the initiative to maximize the profit, especially with regard to the industrial sector, Of the Federation that the industry is the main locomotive for sustainable development, which can open domestic and export markets for the Egyptian product, as well as contribute reducing unemployment rates and contributing to the increase in domestic production.
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