Mubasher TV
Contact Us Advertising   العربية

Egypt’s banking sector assets grow 11% – CIB’s chair

Egypt’s banking sector assets grow 11% – CIB’s chair
Banking sector assets accounted for 89% of the total financial system’s assets
CIB
COMI
-1.85% 80.99 -1.53

By: Islam Fadl

Cairo – Mubasher: Egypt’s banking sector assets grew by 11% year-on-year to EGP 5.7 trillion ($353 billion) by the end of last August, Commercial International Bank (CIB) Chairman Hisham Ezz El Arab said on Tuesday.

Banking sector assets accounted for 89% of the total financial system’s assets on the sideline of Egypt Economic summit, Ezz El Arab, who is also the chairman of the Federation of Egyptian Banks (FEB) said.

Ezz El Arab noted that the banking sector proved resilient, while it has been the cornerstone of Egypt’s economy and its economic reform programme.

The FEB head highlighted the sector’s major role in rolling out banking services, amid the financial inclusion drive, using the technological means, with the aim of attaining an integrated digital society.

On a side note, the reform programme aims at achieving a stable Egyptian economy, easing pressures on foreign currencies and trimming balance of payments deficit, Ezz El Arab said.

He asserted that efforts in the next period should be more directed towards eradicating poverty, reducing unemployment, and providing more opportunities for the private sector.