Mohamed Abbas Fayed, deputy chairperson and managing director of Bank Audi-Egypt, said that 2017 will be a year full of challenges, as well as opportunities for banks operating in the Egyptian market. According to Fayed, the high interest rates, and what they represent in terms of pressure on the bank’s expenses, versus the low volume of loans, will form more challenges for banks. He added that 2017 will also be full of opportunities to support manufacturers and exporters, who may take advantage of the low price of the Egyptian pound to penetrate foreign markets. Regarding the key sectors that Bank Audi will focus on financing in 2017, Fayed said that the bank aims to finance the industrial sector, including food and beverages, as well as medicine, production inputs, exports, and basic commodities trade. Fayed pointed out that Bank Audi aims to increase the size of its SMEs loans to EGP 6bn within four years, up from a current volume of EGP 1bn.

Source: Daily News Egypt January 21, 2017 16:54 UTC