(Al-Borsa news photo)
The banking system is key in supporting the economy, with banks playing an important role in attracting investors, according to
Okasha added that the search for investors is a key factor in bridging the domestic savings gap.
"We are optimistic about the future of the banking sector, which will be driven by the country's improved credit rating, and we have a positive outlook for the Egyptian economy, with some banks being able obtain loans from international institutions," Okasha said, adding. "This move heralds the return of foreign investments from abroad and comes alongside companies increasingly borrowing to finance expansion, investment, and capital plans."
Okasha told the Daily News Egypt on the sidelines of the People and the
Okasha continued: "We aim to increase the size of customer deposits to
He added that the bank is targeting to expand its retail banking portfolio to
Okasha noted that the bank has made financing for small and medium projects a priority for the near future, increasing support from
He added that overseas expansion plans are not on the bank's list of priorities, as they are focused on expanding within the domestic market only.
"Banks have played a vital and difficult role recently, driven by strong local demand and an increase in the volume of companies' sales despite a decline in profits," said Okasha.
He added there are three fundamental problems faced by the banking sector and the Egyptian economy, notably high unemployment rates, stumbling blocks and stoppages for factories, and low creditworthiness.
He stressed that the search for investors will prove a key factor for filling the gap in domestic savings, which are not enough to finance the targeted economic growth rate. He pointed out that all countries aiming at growth and investment look for a flow of external funds, including
He added that
Okasha emphasised the importance of raising bank awareness and incentivising the number of people interacting with the banking system. This could be on the level of savings in a preferred manner or directing citizens to take advantage of banking services.
The chairman also pointed to the importance of banks' backing larger projects, which helps to support smaller projects on which they are based. This is due to the importance of these projects in combating unemployment and developing the economy through increased integration with the state apparatus to improve economic indicators, he said.
He added that the initiative to support mortgage financing launched by the
Okasha added that yesterday the
The chairman pointed out that this is the first committee of its kind, seeking to change the concept of banks from donors. Banks will now look to play a more active role in financing sustainable development and development projects rather than each bank working on its own, with the federation having recently allocated
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