Chairperson of Banque Misr Mohamed El-Etreby said that there are strong expectations for banks to increase the size of financing to major projects, as well as small- and medium-sized enterprises (SMEs) in 2017. “2017 is the year of opportunities for banks, but it will also be a year of challenges,” he said. Regarding the opportunities, El-Etreby said that more foreign direct investment will flow into Egypt following the approval of the new investment law, which would raise demand on borrowing from banks. “This means that 2017 will see an influx in the size of financing to SMEs,” he added. Asked about Banque Misr’s plan in 2017, El-Etreby said that the bank will boost financing channeled to SMEs and expand in mortgage financing to serve low- and middle-income citizens.

Source: Daily News Egypt January 21, 2017 15:47 UTC