Fathy El Sebaei, Chairman and MD of Housing and Development Bank (HDB), said the bank will send a delegation to Libya within this month so as to have a look around the land on which the joint venture would be made in cooperation with the Bank of Commerce and Development.
“Negotiations on the new bank are still in early stages and are not settled yet in form of cooperation with Libya.” El Sebaei said in an exclusive statement to Amwal Al Ghad during the two-day Arab Banking Conference which has launched on Wednesday under the slogan of “small and medium enterprises: The Arab economic strategic choice”.
El Sebaei added that Libya is one of the most promising Arab markets for the coming period due to having good growth rates; of infrastructure enterprises in particular.
He also said the bank’s plans for expansion in the Arab world were postponed due to the crises the region is going through nowadays. HDB would rather focus on the local market within the current period.
“HDB has reached the completion of 100 units in Hyde Park in New Cairo Phase I. Phase I will be concluded by the end of this year. The Bank has also submitted around 60 units of the Phase I till now.” El Sebaei said.
Worth to mention that El Sebaei said the HDB owns a good mortgage portfolio of EGP 500 million which the bank intends to raise within the current year to 20%.