Egypt partners with Google to promote 'unmatched diversity' tourism campaign    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Taiwan GDP surges on tech demand    World Bank: Global commodity prices to fall 17% by '26    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    France's harmonised inflation eases slightly in April    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egyptian Banks Offered US$ 51 Bln Finance For Imports
Published in Amwal Al Ghad on 02 - 05 - 2012

Tarek Amer, chairman of Federation of Egyptian Banks (FEB) and chairman of National Bank of Egypt (NBE), said customers' deposits with NBE reached EGP 280 billion from which 4 million families are benefitting. Amer stressed that NBE is financing private sector, without risking customers' deposits.
Consumption rate rose in Egypt after last year's revolution, as imports volume reached US$ 51 billion. Banks did not only finance private sector but also the government. For the first time, the import costs were financed from the banks' foreign reserves, not from the Central Bank's reserves, said Tarek Amer in an interview with Al Hayat Channel yesterday.
According to Central Bank of Egypt‘s 2003 report, volume of banks' non-performing loans reached EGP 130 billion, and NBE's losses reached EGP 19 billion in 2010. The government assigned seniors at private banks to manage state-owned banks after these banks had “deteriorated", Amer noted.
Regarding NBE's international bonds, Amer said 158 institutions bought these bonds such as Bemco Company which is from the largest international assets management companies as its assets portfolio is valued at about one trillion dollars, reflecting investors' confidence in NBE.
Replying on Sukuk (Islamic bonds) draft that is being discussed in the People's Assembly (Lower House of Parliament), Amer said enacting a sukuk legislative bill will not solve Egypt's economic crisis, as its market reached about US$ 95 billion in five years, while market of bonds reached US$ 29 trillion.
The general prosecutor was informed about the banking accounts of the former regime's figures, Amer said, adding that their money outside Egypt is estimated to EGP 10-15 billion.
Many expected transitional period to last about 3 month, but it has lasted for 14 months. However, Egypt did not witness a lack in products or foreign or Egyptian currencies.
Despite the security lax that affected transport, Egypt's exports increased.
Egypt does not have the concept of risk expectation nor a strategy for combating corruption.
Amer said International Monetary Fund's loan to Egypt necessities consensus of various political powers. The loan will be used to pay off loans' interests, finance subsidies and pay government employees.


Clic here to read the story from its source.