Egyptian market needs EGP1.5 tn funds to raise development rates:Amer

The banking sector needs to pump funds of 1.5 trillion into the Egyptian market to support the economy and increase the development and operation rates, Central Bank of Egypt (CBE) Governor, Tarek Amer, said Friday.

He added on the side lines of his participation at the IMF/World Bank annual spring meetings in Washington that pumping these funds into SMEs strongly support Egypt’s development plan.

Amer Further noted that the new banking law aims at regulating the Egyptian banking sector and the work of the Central Bank of Egypt (CBE).

In addition, he said it seeks to give the opportunity for the banks to play a more pivotal role in the economic development processes, especially when some banks have “Credit Concentration” in their portfolios.

Amer further noted that the Egyptian banking sector seeks to create confidence in the economic sector and attract new foreign investments.

Foreign inflows had exceeded $150 billion since its pound currency was floated in November 2016, he added.

Foreign inflows include around $26 billion worth of investments in treasury bills and Cairo stock exchange in addition to $88 billion cash flows into banks and around $18 billion worth of dollar-dominated bond issuances.