Egypt is predicted to see its investment climate become favourable, especially following the strengthening of the banking system\u2019s regulations, according to Elena Sanchez, Head of Financials at EFG Hermes Research.<\/p>\n
Sanchez also said that Egypt\u2019s demographic situation is improving as the population growth will open up new markets for investment in the future. She added that she is largely optimistic about the future, especially in light of the recent statistics issued by EFG Hermes\u2019 Research Department.<\/p>\n
Her remarks came during the third British-Egyptian Business Association (BEBA) webinar, to analyse the new Central Bank of Egypt (CBE) law issued in September 2020.<\/p><\/blockquote>\n
The new law is expected to stabilise Egypt\u2019s banking and monetary sectors, and develop the banking sector\u2019s performance. At the same time, it will keep up with the best practices, international customs, and legal framework of the corresponding foreign supervisory authorities.<\/p>\n
Along with Sanchez, the webinar hosted a group of the most prominent economists in Egypt, namely: Ziad Bahaa El-Din, Former Deputy Prime Minister and Managing Partner of Bahaa El-Din Legal Consulting Office; Tarek Fayed, Chairperson of Banque du Caire; and Ahmed Issa, Chairperson of the Commercial International Bank \u2013 Egypt.<\/p>\n
The session was moderated by Karim Helal, Country Director of Colliers International.<\/p>\n
Upon his introduction to the session, Helal praised Egypt\u2019s banking sector, which has been lauded by the International Monetary Fund (IMF) several times. The organisation has applauded the sector\u2019s role in safeguarding the country through several financial crises, due to the local and international changes that erupted over the past 20 years.<\/p>\n
He further described the country\u2019s banking sector as the \u201cmain guardian\u201d of the Egyptian economy, as it was able to adapt quickly and cope with the economic crisis that shook the world in 2008. It made a comeback to save the country from the financial instabilities of both the 25 January 2011 and 30 June 2013 revolutions, and more recently in the novel coronavirus (COVID-19) pandemic.<\/p>\n
For his part, Bahaa El-Din gave a comprehensive explanation of the legislative aspect of the law that will enter into force within a year of its decree. The legal expert emphasised that the deadline will give public and private banks the opportunity to adapt to the new financial atmosphere. This will, in turn, give the CBE the full authority to monitor the sector as a whole.<\/p>\n
He also highlighted that replacing the 2003 law with the new one, vests the CBE with the broadest powers and authorities to supervise and regulate the banking sector and ensures the CBE\u2019s independence.<\/p>\n
The law also introduces a chapter that regulates banks in financial distress to regulate the situation and preserve clients\u2019 rights.<\/p>\n
He revealed that the law would, for the first time, grant the CBE the right to control electronic payment services, while imposing financial control on small- and medium-sized enterprises (SMEs).<\/p>\n","protected":false},"excerpt":{"rendered":"
Egypt is predicted to see its investment climate become favourable, especially following the strengthening of the banking system\u2019s regulations, according to Elena Sanchez, Head of Financials at EFG Hermes Research.<\/p>\n","protected":false},"author":4,"featured_media":320827,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,21],"tags":[82],"class_list":["post-321183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-news","tag-efg-hermes"],"yoast_head":"\n
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