Banks Solely Focus On Profits, Neglect Developmental Projects: Abdel Moaty Lotfy

Abdel Moaty Lotfy, deputy chairman of the Federation of Economic Development Associations, said the banking sector solely focuses on achieving profits and does not do its duty in achieving development. Then, he called on banks to finance developmental projects.

On the sidelines of the Political Decision-Making Process Conference, Lotfy said the current regime’s policy is unclear as it sometimes supports the public sector, and at other times becomes more biased to the private sector.

The administrative body lacks a clear vision and is unable to take any decision, he affirmed, adding that the decision-making process in Egypt is managed poorly as the decisions are taken by high-level bodies without consulting the people.