Piraeus Bank Egypt to focus on energy projects financing

Piraeus Bank in Egypt is targeting the financing of major projects during the Economic Summit this month.

Naira Amin, Chief Executive and Managing Director of Piraeus Bank Egypt, said the bank is giving special attention to joint finance projects proposed by the Egyptian government in the summit. Amin added that financing will be led by major banks.

She also said that energy projects are at the top of the bank’s priorities, for their major importance in serving various public sectors.  Banks await projects to be proposed to receive credit applications and verify feasibility studies according to the Central Bank of Egypt’s (CBE) regulations, Amin clarified.

She added that, over the past four years, the Egyptian banking system suffered from lack of investment opportunities, which conforms with costs of running funds. This has led to the expansion of banks’ placements of public debt tools.

Source: Daily News Egypt