Govt. Shall Create 800k New Jobs: Mounir El-Zahed
Mounir El-Zahed, chairman of Banque Du Caire, said the main challenge facing the government now is providing about 800,000 job opportunities every year.
On the sidelines of the 5th Annual Egypt Trade & Export Finance Conference (Exporta), El-Zahed added that Egypt is need for new investments of about EGP 80 billion yearly and that will need loans of about EGP 40 billion. He then affirmed that the Egyptian banking sector has enough strong liquidity to offer such loans.
The banking sector represents the backbone of economy as it finances the important projects which in turn raise the GDP, he continued. Banks in Egypt have proved to be consistent in the face of crises; starting from the global financial crises to the turmoil that followed 25th of January revolution, he added. El-Zahed considered achieving good profits amid crises as a sign of efficiency.
