The head of the Federation of Egyptian Banks and Banque Misr, Mohamed El-Etreby, declared that the creation of a Standard Chartered Bank branch in Egypt will bring fresh investments to the Egyptian banking industry.
Al-Etrebi made his remarks today, Monday, outside the Egyptian-Kuwaiti Business Forum, in the presence of 45 Kuwaiti enterprises and businessmen, as well as Industry Minister Ahmed Samir and Finance Minister Mohamed Maait.
El-Etreby continued by saying that the launch of Standard Chartered Bank shows the resilience and strength of the Egyptian economy as well as the allure of international investors.
Gamal Negm, the Central Bank’s deputy governor, revealed at the start of the year that Standard Chartered Bank had been granted permission to establish its first branch in Egypt.
According to Al-Etreby, there are three Kuwaiti banks doing business in Egypt, and they also hold a 50% interest in the Arab African Bank.
For his part, Minister of Finance Mohamed Maait reaffirmed that Egypt is opening its doors to domestic, Arab, and foreign investments, including Kuwaiti investments, with a strong political will that supports and stimulates the private sector, especially given that we have the necessary components to absorb investment expansions in a variety of sectors, including advanced infrastructure.
Additionally, we have great potential in a more diversified and comprehensive economy that is resilient to external shocks. In fact, in June 2022, we had the highest growth rate since 2008 with 6.6% of GDP and a primary surplus for the fifth consecutive year at 1.3% of GDP. An initial deficit that lasted for more than 20 years was replaced by a GDP of roughly 3.
We were able to reduce the debt rate from 103% in June 2016 to 87. 2% at the end of the last fiscal year, which reflects the government’s success in allocating development funds to real investments, doable projects, and initiatives that contributed to improving infrastructure in an unprecedented way that helps push economic activity and leads to. 9% in the fiscal year 2013/2014, while the budget deficit decreased from 13% in the fiscal year 2012/2013 to 6. 1%.
Union of Banks: A major bank will soon establish a branch in Egypt.
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