Federation of Egyptian banks (FEB) is doing a numbers of recommendations in cooperation with the Central Bank of Egypt (CBE) in order to encourage the investment atmosphere and facilitate the investment process for the Egyptian market, targeting to review it on the Cabinet by the upcoming phase.
An official source in FEB said one of the most prominent recommendations is facilitating obtaining of the necessary license so as to establish projects and amend the investment laws.
Central bank played an important role in encouraging the state’s investment process through covering 100% of the previous dues along with activating a new mechanism for converting the foreign investors funds and facilitate exit of the Egyptian market.
The foreign direct investments which entered the Egyptian market registered US$2.1 billion within the first half of the ongoing year according to a previous statements for the Egyptian Investment Minister, Osama Salah , while the foreign net investments in the Egyptian market reached US$9.2 billion within the last years.
FEB played a major role in the framework of the social responsibility through adopting the greatest project for supporting slums and providing EGP150 million in 2013 from the bank’s profits to develop around 20 slum areas, the banks plan allocating 2% from its annual profits periodically.