FEB Eyes to Develop E-Payments, Slum and SMEs Projects

An Official source in the Federation of Egyptian Banks (FEB) revealed that the Federation will adopt a number of fundamental lists in the banking sector, most notably, the development of e-payment service system file and the supporting of small and medium sized enterprises (SMEs) project.

The source has informed Amwal Al Ghad that FEB set recommendations for the Central Bank of Egypt (CBE) in order to develop e-payment system in the light of the customers’ high-demand.

The source said FEB is aiming to support SMEs as it is representing the sustainable development for the Egyptian economy in coordination with CBE through setting an imitative to support the sector.

He added that the Federation has adopted file for slum upgrading in cooperation with the Ministry of Local Development, monitored about EGP 150 million as an annual profits for the first stage of the developing about 15 slum areas.

He further asserted that the slum list is one of the most important files which the country is facing and it needs more than EGP250 billion to be developed across the republic.