Vice chairperson of the National Bank of Egypt (NBE) Yehia Abu ElFotouh said that he expects a major breakthrough for the economy and the activity of the banking sector in the second half (H2) of 2017. He explained that some challenges may continue in the first half (H1), but added that those will turn with the beginning of H2. “This would reflect on the activity of banks, as any growth in an economy impacts banks,” he said. Furthermore, Abu ElFotouh said that the NBE will not limit the amount of funds it channels to support these sectors, but will put in as much money as possible. The bank aims to develop a strategy through which it could boost the size of SMEs financing to EGP 72bn over four years, according to Abu ElFotouh.

Source: Daily News Egypt January 21, 2017 16:32 UTC