Official praises Egypt’s governmental measures

Executive Director of the Egyptian Banking Institute Mona Al Baradei expressed her confidence in the decision taken by Egypt’s President Abdel Fattah Al Sisi to improve the economic situation in the country, saying that the current economic situation witnessed notable improvement due to the measures taken by the Egyptian government.

She added, in an interview with “Arabs Today”, that the Institute of Banking always seeks to form strategic parties with international bodies through the development of plans for training courses in agreement with the Union of Banks, and the signing of two agreements at the University of Cambridge through Egyptian trainers.

She added that the number of unregistered small and medium-sized enterprises (SMEs) reaching 27 billion outside the banking sector does not have a commercial record or a tax card, saying that banking system is seeking to reach those people by opening initial accounts for them so that they can start dealing with them.

She stressed that the performance of the banking system in the previous period is highly distinguished, which has protected the Egyptian economy in the most difficult circumstances experienced by the state.

She revealed that the CBE's initiative in real estate financing aims to solve housing problems in the first place, which was granted by the Central Bank in support of the banks. She stressed that economic changes in the past period and technological developments have added new burdens to the banking sector.

She continued that dependence of the state apparatus on the banking sector during the past period and its support for the economy to continue growth led to pressure on the sector and raising the risk rates it faces.

She added, “Technological developments have become part of the risks to the sector, especially in the face of intense competition among banks for the provision of innovative electronic products.”