Chairperson of United Bank of Egypt Ashraf Elkady said that the banking sector is an integral part of the national economy, and directly affected by everything that affects the economy. He added that the more improvement occurs in the national economy, the less risks are likely to face the Egyptian banking sector. Elkady noted that at this important stage of building the economy, Egypt needs strong banking entities, pointing out that Egyptian banks are strong and attractive to local and foreign investments, in addition to enjoying good profitability indicators. “Economic reform measures have started.” He noted that there have been major national projects under construction across Egypt. With regard to the United Bank of Egypt’s activity in the new year, he said that the bank aims to implement a strong expansion plan, especially after the Central Bank of Egypt increases its [United Bank] capital.

Source: Daily News Egypt January 21, 2017 16:35 UTC