The Central Bank of Egypt (CBE) board is considering re-opening the door for licensing international banks' branches to join the Egyptian market in the coming period.
An official source from CBE said that the step will promote confidence in the Egyptian economy and the banking sector and contribute to boosting the sector's competitiveness.
The source added that a number of international banks filed requests to join the Egyptian market.
He noted that this will create a larger database of clients in the banking sector, especially in light of the huge network of relations which international banks have with heavyweight international investors, companies and institutions.
Also, earlier this week, Tarek Amer, Governor of CBE, said Egypt plans to finance microfinance projects as part of efforts to create jobs and boost the economy.
“Our main aim is to improve the Egyptian economy in the coming years,” he said.
“We have the calibre to reach several sectors in the country and they will be financed to create new jobs in a faster way.”
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