President of the Federation of Egyptian Banks: We are waiting for the approval of the Central Bank to establish digital banks

Mohamed El-Etreby, head of the Egyptian Banks Association, stressed that the banks are waiting for the Central Bank’s approval to establish digital banks during the coming period, in addition to the banking sector, which includes 33 banks, is ready for the carbon signature, which will be announced during the Cop27 conference.

El-Etreby said that banks have a surplus of liquidity that allows financing sustainable projects, pointing out that the volume of financing for small and medium enterprises was 400 million during 2014 and from 2014 to 2022 the volume of financing rose to 56 billion pounds, noting that Banque Misr financed 153,000 beneficiaries of small projects. .

He pointed out that the loans that come from international institutions are with a simple interest, which is also transferred to the beneficiaries with a simple interest.

During his speech at the discussion session on Egyptian-Emirati relations during the celebration of 50 years of relations between the two countries, he added that in light of the current economic and environmental conditions related to climate change at the global level, the cumulative Emirati investments inside Egypt amounted to $28 billion.

Al-Etribi added that the UAE, with this number in cumulative investments in Egypt, ranked first among Arab countries and third among global countries.

He noted that the volume of intra-trade between Egypt and the UAE recorded in 2021 about 7.5 billion dollars, an increase of 7% compared to the previous year 2020, explaining that it recorded during the first half of the current year 2022 about 3.2 billion dollars, an increase of 11% compared to the same period in 2021.

He pointed out that with regard to mutual investments in the banking sector, Egypt has representatives in 4 banks in the UAE, namely Banque Misr, the National Bank of Egypt, Cairo Bank and the Arab African Bank.

He explained that the UAE has about 5 Emirati banks in the Egyptian market, the size of their assets exceeded about 400 billion pounds, representing 4% of the banking sector, noting that the banking sector in Egypt is a strong attraction for investment, due to its high profitability rate.

El-Etreby explained that the number of investment companies in the Egyptian market registered 1,300 companies, pointing out that the National Bank and Banque Misr have the largest share in the process of financing the projects of these companies.

He pointed out that the real challenge for banks in the future is the need to work on digital transformation, pointing out that Banque Misr is applying to obtain a license to establish a digital bank, given the importance of digital transformation, which was revealed during the Corona pandemic period.

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