LE 600 billion with Banks Waiting for Investors

Banks chairmen voiced readiness that the banking system is ready to finance mega development and investment ventures envisaged in the program to be announced by the government within days within the framework of the economic roadmap. They affirmed that the banks have up to LE 600 billion waiting for investors.

This has coincided with a number of bankers' assurances that there is a trend to encourage the private sector to borrowing so as to activate investment and establish projects. They further said that $ 15 billion in Egyptian and Arab investments are expected to come back after exiting the Egyptian market.

Chairman of Banque du Caire Munir Al Zahed noted that the banks have liquidity enabling them to finance all development projects as well as the mega investment ventures of the private sector.

A recent report by a regional banking institution in Abu Dhabi asserted that the movement of investment in the Egyptian market will be markedly reactivated in the coming period, especially with restoring calm in Egypt.

On the other hand, banks started to respond to requests of their customers to open credit lines due to the availability of the US dollar and in light of the increasing foreign reserve with the Central Bank of Egypt, along with the surge in the remittances of Egyptian expatriates.