It was recently announced that a delegation from the IMF is set to arrive in Cairo to pursue negotiations regarding its expected loan to Egypt. A general consensus has recently emerged that the IMF is urging Egypt to implement a financial austerity programme, aimed mainly at controlling government finances and reducing the country's budget...
Since the start of the nation’s difficult political transition in 2011, Egypt’s capital markets have faced a number of challenges. An economy that was growing at a rate of 7% has given way to a more modest GDP expansion of 2.2% in the 2011/12 fiscal year, while foreign direct investment fell from a net of LE6.76bn ($971.96m) in 2009/10 to just LE2....
Even amidst the broader turbulence and upheaval in Egypt, the country’s financial markets have avoided worst-case scenarios in part thanks to a robust regulatory regime and careful intervention. The creation of the Egyptian Financial Supervisory Authority (EFSA) in July 2009 was widely welcomed by both the financial community in Egypt and interested...
Entering Egypt’s banking sector has long been a challenging proposition. The large number of domestic players serving a bankable population limited by low salaries and high informal employment has left the Central Bank of Egypt (CBE) reluctant to license new lenders. The last major alteration to the sector’s ownership came in 2004, when the Central...
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