Chairperson of the Industrial Development and Workers Bank of Egypt (IDWBE) Maged Fahmy said that 2017 will be the year to rectify the conditions of the Egyptian economy, which is full of opportunities for banks operating in the domestic market. He noted that the increase in foreign investment is dealt with great interest on the part of the government, with expectations of positive results. He added that recent economic reforms, including the decision to float the Egyptian pound, will rectify economic conditions, which would improve the efficiency of the economy and create investment opportunities for banks. On the most important sectors that the bank aims to finance, Fahmy said that the IDWBE is very keen on financing SMEs, especially as the bank is already ranked fifth in terms of size of financing for SMEs. The bank is also interested in real estate financing, connecting natural gas to homes and providing them with water metres across the country.

Source: Daily News Egypt January 21, 2017 16:57 UTC