Qatar cuts key interest rates by 25 bps    Global pressure mounts on Israel as Gaza death toll surges, war deepens    Egypt targets 7.7% AI contribution to GDP by 2030: Communications Minister    Irrigation Minister highlights Egypt's water challenges, innovation efforts at DAAD centenary celebration    Egypt discusses strengthening agricultural ties, investment opportunities with Indian delegation    Al-Sisi welcomes Spain's monarch in historic first visit, with Gaza, regional peace in focus    Cairo governor briefs PM on Khan el-Khalili, Rameses Square development    El Gouna Film Festival's 8th edition to coincide with UN's 80th anniversary    Egypt expands medical, humanitarian support for Gaza patients    Egypt condemns Israeli offensive in Gaza City, warns of grave regional consequences    Cairo University, Roche Diagnostics inaugurate automated lab at Qasr El-Ainy    Egypt investigates disappearance of ancient bracelet from Egyptian Museum in Tahrir    Egypt launches international architecture academy with UNESCO, European partners    Egypt signs MoUs with 3 European universities to advance architecture, urban studies    Egypt's Sisi, Qatar's Emir condemn Israeli strikes, call for Gaza ceasefire    Egypt condemns terrorist attack in northwest Pakistan    Egyptian pound ends week lower against US dollar – CBE    Egypt hosts G20 meeting for 1st time outside member states    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt seeks Indian expertise to boost pharmaceutical industry    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    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.



EGP 2tn size of the Egyptian banking sector by the end of 2015: Fayed
The size of the Egyptian banking sector was EGP 2tn by the end of 2015, according to Deputy Governor of the Central Bank of Egypt (CBE) Tarek Fayed
Hossam Mounir Published in Daily News Egypt on 30 - 01 - 2016

The size of the Egyptian banking sector was EGP 2tn by the end of 2015, according to Deputy Governor of the Central Bank of Egypt (CBE) Tarek Fayed.
The statement was part of Fayed's speech on behalf of CBE Chairman Tarek Amer in the opening session of the forum held in Sharm El-Sheikh by United Arab Banks (UAB) on Thursday about the role of financing and investment in reinforcing financial inclusion, stability, and fighting terrorism in Arab counties. Banks working in the Egyptian market have achieved strong growth rates with an average of 35% over the past three years.
CBE is keen on allowing banks to play a major role in serving economy and it launched several initiatives over the past months, most prominently the initiatives of real estate and small and medium enterprises (SMEs), financing, and an initiative to support the tourism sector. Fayed said that CBE seeks to support SMEs and that there are serious consultations with the government to provide all incentives necessary for the growth of this sector during the upcoming years.
He also said that CBE seeks to offer support to banks to build their infrastructure as well as increase the financing of these projects. CBE played a great role in achieving financial inclusion through the issuance of Suez Canal certificates that have attracted a new segment of clients into the banking sector. It also launched a real estate financing initiative and allowed banks to open small branches. It helped banks launch internet-banking and mobile payment services to accommodate a larger number of clients.
CBE also plays an important role in supporting production through an initiative to revitalise financing provided to the sector of SME, unifying a definition for them, adding SME to the segment financed by banks, and obliging banks to increase the size of loans provided to SME to 20% of total loan portfolio. Facilitated financing will be provided to these sectors with the value of EGP 200bn within four years in accordance with the state's plans.
There are plans to strengthen the role of credit risk guarantee companies and provide necessary training for their owners and those in charge of providing financing in banks through banking institutions.

Clic here to read the story from its source.