Egypt's banks and stock markets to efficiently collect and direct all citizens savings into investment and new companies
Egypt, Economics, 5/20/2002

Egyptian Prime Minister Atef Ebeid said yesterday that the government is capable of bridging the gap of the budget and the foreign currencies resources and some measures were taken in this regard including the oil sector's pledge to provide $1.2 billion to the Central Bank of Egypt.

Ebeid, attending a celebration marking the 50th anniversary of Banque Du Caire, added a mission from the World Bank had started consultations with the government for financing development projects.

Ebeid asserted that no plans are available to merge the state-owned banks but there is a trend to merge Mina banks for supporting their financial status.

Egyptian banks must develop their services using the latest techniques and make use of foreign expertise to upgrade staff performance, Ebeid has said. This will enhance the competitiveness of banks and boost national savings for comprehensive development in Egypt, he explained. Ebeid told the gathering that the government's is eager to support the nation's financial institutions and their essential role in the country's progress. Mastering savings and directing them towards investment is the role of the banking sector, he added.

Ebeid stated that the Egyptian market was on the rise, which necessitated improved banking services and the total volume of credit offered by banks.

He concluded that national banks were economic projects that have to make profits.

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