Egypt, France airdrop aid to Gaza amid growing humanitarian crisis, global criticism of Israel    Supply minister discusses strengthening cooperation with ITFC    Egypt launches initiative with traders, manufacturers to reduce prices of essential goods    SCZONE chief discusses strengthening maritime, logistics cooperation with Panama    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Egypt reviews health insurance funding mechanism to ensure long-term sustainability    Gaza on verge of famine as war escalates, ceasefire talks stall    Gaza crisis, trade on agenda as Trump hosts Starmer in Scotland    Egyptian president follows up on initiatives to counter extremist thought    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Egypt will keep pushing for Gaza peace, aid: PM    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt welcomes 25-nation statement urging end to Gaza war    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    58 days that exposed IMF's contradictions on Egypt    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    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    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    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.