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Sunday, 14 March 2021 / 05:36 PM
President Abdel Fattah El-Sisi held a meeting today with the Governor of the Central Bank of Egypt (CBE) Mr. Tarek Amer, Deputy Governor of the Central Bank of Egypt for Banking Stability Mr. Gamal Negm, Deputy Governor for Monetary Stability Mr. Rami Abulnaga, and Sub Governor Governor’s Office Ms. May Abulnaga.
As stated by the Spokesman for the Egyptian Presidency, the meeting discussed the activities of the Central Bank of Egypt in the monetary and financial system of the government.
During the meeting, His Excellency directed the CBE to develop and launch a new real-estate financing program targeting low- and middle-income brackets. This program aims to support and help them own housing units. This can be achieved through long-term loans, with a 30-year repayment period as well as reduced benefits and simple interest not exceeding 3%.
The CBE’s Governor presented the bank’s efforts exerted in the past period, especially during the COVID-19 pandemic. Mr. Amer stressed that the current foreign exchange reserves have been kept within the strong and safe levels, thus bringing about the stability of exchange rates and achieving foreign exchange liquidity. This had a significant impact on overcoming the repercussions of the COVID-19 pandemic during the last year. Hence, the President praised the CBE’s performance that was in perfect harmony with all government institutions and in line with the state’s general economic direction.
The meeting showcased the results of the presidential initiative launched in 2015, targeting Micro, Small and Medium Enterprises (MSMEs), with a total funding amounting to 234 billion EGP. As a result, 260,000 establishments, whether industrial or commercial, benefitted and 1 million employment opportunities were provided; His Excellency directed that the volume of financing be raised, with an extra 117 billion EGP during 2021 and 2022.
Another point of discussion raised during the meeting was the overall activity of the banking sector. It was stressed that the sector’s performance amid the coronavirus pandemic has been strong and stable. It was added that this sector is very good at absorbing shocks and running risks due to the banks’ high capital costs and liquidity.
Moreover, it was noted that the banking sector has pumped loans into the private, public and family sectors during 2016-2020. These efforts led to the maximization of investment volumes and contributed to promoting the development process, providing cash-flow and increasing job opportunities.
The Governor of the CBE presented the efforts made to develop and restructure the Agricultural Bank of Egypt. A debt relief deal for 320,000 farmers, whose debts amounted to EGP 600 million, was agreed. In addition, the CBE pumped EGP 4.5 billion with low interest rates in order to support small agricultural projects, to develop and modernize irrigation systems as well as to contribute to the modern milk collection centers.
Another EGP 2.5 billion were pumped to support the development of the livestock projects and EGP 3 billion were provided for the national veal project. President El-Sisi stressed the importance of exerting further efforts to develop the Agricultural Bank due to its vital importance in promoting the agricultural sector nationwide.
The Spokesman for the Egyptian Presidency added that President El-Sisi was updated on the efforts made by the CBE regarding the financial inclusion; 50% of it was applied across the country. In addition, the President was briefed on the saving and loan groups project from which many women benefit. As a result, His Excellency called for developing this vital project and maximizing its financial resources to increase the number of beneficiaries across Egypt.
The meeting showcased efforts made to develop the government e-collection system in cooperation with the Ministry of Finance; to that end, EGP 550 billion were allocated during the fiscal year 2019-2020. This was achieved through the diverse e-collection network and “Meeza” debit cards, with a total of 23 million cards, in cooperation with all government entities.
Sunday, 14 March 2021 / 05:36 PM
President Abdel Fattah El-Sisi held a meeting today with the Governor of the Central Bank of Egypt (CBE) Mr. Tarek Amer, Deputy Governor of the Central Bank of Egypt for Banking Stability Mr. Gamal Negm, Deputy Governor for Monetary Stability Mr. Rami Abulnaga, and Sub Governor Governor’s Office Ms. May Abulnaga.
As stated by the Spokesman for the Egyptian Presidency, the meeting discussed the activities of the Central Bank of Egypt in the monetary and financial system of the government.
During the meeting, His Excellency directed the CBE to develop and launch a new real-estate financing program targeting low- and middle-income brackets. This program aims to support and help them own housing units. This can be achieved through long-term loans, with a 30-year repayment period as well as reduced benefits and simple interest not exceeding 3%.
The CBE’s Governor presented the bank’s efforts exerted in the past period, especially during the COVID-19 pandemic. Mr. Amer stressed that the current foreign exchange reserves have been kept within the strong and safe levels, thus bringing about the stability of exchange rates and achieving foreign exchange liquidity. This had a significant impact on overcoming the repercussions of the COVID-19 pandemic during the last year. Hence, the President praised the CBE’s performance that was in perfect harmony with all government institutions and in line with the state’s general economic direction.
The meeting showcased the results of the presidential initiative launched in 2015, targeting Micro, Small and Medium Enterprises (MSMEs), with a total funding amounting to 234 billion EGP. As a result, 260,000 establishments, whether industrial or commercial, benefitted and 1 million employment opportunities were provided; His Excellency directed that the volume of financing be raised, with an extra 117 billion EGP during 2021 and 2022.
Another point of discussion raised during the meeting was the overall activity of the banking sector. It was stressed that the sector’s performance amid the coronavirus pandemic has been strong and stable. It was added that this sector is very good at absorbing shocks and running risks due to the banks’ high capital costs and liquidity.
Moreover, it was noted that the banking sector has pumped loans into the private, public and family sectors during 2016-2020. These efforts led to the maximization of investment volumes and contributed to promoting the development process, providing cash-flow and increasing job opportunities.
The Governor of the CBE presented the efforts made to develop and restructure the Agricultural Bank of Egypt. A debt relief deal for 320,000 farmers, whose debts amounted to EGP 600 million, was agreed. In addition, the CBE pumped EGP 4.5 billion with low interest rates in order to support small agricultural projects, to develop and modernize irrigation systems as well as to contribute to the modern milk collection centers.
Another EGP 2.5 billion were pumped to support the development of the livestock projects and EGP 3 billion were provided for the national veal project. President El-Sisi stressed the importance of exerting further efforts to develop the Agricultural Bank due to its vital importance in promoting the agricultural sector nationwide.
The Spokesman for the Egyptian Presidency added that President El-Sisi was updated on the efforts made by the CBE regarding the financial inclusion; 50% of it was applied across the country. In addition, the President was briefed on the saving and loan groups project from which many women benefit. As a result, His Excellency called for developing this vital project and maximizing its financial resources to increase the number of beneficiaries across Egypt.
The meeting showcased efforts made to develop the government e-collection system in cooperation with the Ministry of Finance; to that end, EGP 550 billion were allocated during the fiscal year 2019-2020. This was achieved through the diverse e-collection network and “Meeza” debit cards, with a total of 23 million cards, in cooperation with all government entities.
All rights reserved to the presidency Copyright © 2020
All rights reserved to the presidency Copyright © 2020