Amer: Banks’ Federation Protected Egypt

Tarek Amer, chairman of Federation of Egyptian Banks, said that the continuous cooperation with banks in Egypt has contributed in protecting Egypt against a possible economic breakdown that might have occurred during last year’s crisis.

Federation has exerted a lot of efforts in developing banking sector and supporting banks to overcome obstacles they were facing with concerned bodies, Amer noted on the sidelines of the general assembly of FEB on Wednesday.

Banking sector has been managed by efficient and experienced leaders and has achieved pleasing results. Banks has created adequate cash reserves that protected national economy and provided the necessary needs for citizens last year. In addition, foreign exchange rate market maintained its stability, Egyptians’ deposits with banks were reserved and many faltering projects were financed during last year’s unstable economic situation that followed the popular uprising that ousted Hosni Mubarak.

Amer added that FEB played a key role in supporting national economy as it launched an initiative in May 2011 to back Egypt’s economy, boost production and stimulate credit through supporting investors and businessmen and solving the problem they were facing.

FEB also succeeded in holding meetings for all economic entities as well as for investors discussing their problems and ways of solution and paying many visits to South Sinai to support tourism and solve the problems it is facing by giving extra grace periods and funds.