Planning Minister, Standard Chartered Bank Team Meet to Discuss Enhancing Co-OperationSource: www.export-egypt.com 11/8/2023, Location: Africa |
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Hala El-Said , Minister of Planning and Economic Development, held a meeting with the Standard Chartered Bank [British multinational bank]team, which obtained a new license to operate in the Egyptian market.
At the beginning of the meeting, El-Said emphasized the Egyptian government’s support for the Egyptian and foreign private sector and the encouragement of all state agencies for investments in various sectors, most notably the banking sector, which has achieved great successes in Egypt. El-Said reviewed a number of files that the Ministry is working on in the economic development file, most notably the National Program for Economic Reforms, which aims to deepen the stability of the Egyptian economy and raise its ability to deal with shocks and crises. The National Program For Economic Reforms focuses on the agriculture, industry, and communications sectors. Moreover, it exploits Egypt’s comparative advantage in the tourism sectors and logistics. The above mentioned five sectors constitute the most important features of the structural reforms program. El-Said also reviewed the most important files and projects of The Sovereign Fund of Egypt (TSFE) and its sub-funds, which have become an essential partner for the private sector and have succeeded in creating distinguished investment opportunities in the sectors of renewable energy, infrastructure, education, health, tourism, and re-exploiting unexploited assets. For his part, Mohamed Gad, CEO of Standard Chartered Bank, referred to the ongoing relationship between the bank and the Egyptian government. He further explained that the decision to open a branch of the bank in Egypt comes within the framework of a deep vision for the Egyptian economy as it is one of the most important and largest economies in the Middle East. Gad stressed that Standard Chartered International Bank is keen to provide all its services through its branch in Egypt to support the Egyptian private commercial sector, contribute to achieving government plans, and diversify its client portfolio in all economic sectors. The meeting witnessed the presence of Wael Ziadeh, Assistant Minister of Planning and Economic Development for Economic Affairs, Hatem Al-Laithi, Advisor to the Minister for Banking Affairs, Dr. Muhammad El-Okaby , Media Advisor to the Ministry of Planning and Economic Development. The Standard Chartered Bank has obtained a license to practice business from the Central Bank of Egypt (CBE) and was registered on the list of banks licensed to operate last May. The bank intends to start business in the Arab Republic of Egypt before the end of the current year as soon as some final procedures related to the bank’s regulations are completed. |
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