Egyptian economy will be in constant progress

Vice President of Egyptian Industrial Development and Labor Bank (IDLB), Hamdy Azzam, revealed that the economic situation in Egypt has witnessed a great development and has become much better as a result of several factors, including the success of the government reform program, the rehabilitation of road and bridges networks as well as construction in these mega-projects.

He added, in an interview with Al Maghrib Today, positive indicators also include a steady increase in exports, while a large proportion of foreign imports declined, the existence of controls in the balance of trade, as well as funding projects for employing young people.

Azzam added Egyptian economy, thanks to prudent management, will be in constant progress in the coming years, because all the measures taken by government are in the interest of the economy and the rising rate of growth is evidence of this. "The government is targeting a growth rate of 4.6% to 4.8% during the current fiscal year 2017 / 2018 and those numbers are very good," he said.

He pointed out government has made a great effort in the economic reform program and applied the program in a professional and thoughtful manner, especially regarding the floating of the pound. "The evidence that economic measures will be historic is the reduction of subsidies on fuel, a decision that serves the low-income, as the beneficiaries of this support are rich people, factories and companies," he said, adding that the procedure shows that the government is seeking social justice.

He stressed that the decision to float the pound saved the country from economic crises, and can only take place in the presence of a wise political leadership such as President Abdul Fattah al-Sisi and Governor of the Central Bank of Egypt Tarek Amer. He clarified IDLB is fully prepared to participate in financing national projects or financing any private project aimed at economic development that will contribute to the recovery of the economy of the country in the case of a good feasibility study.

Azzam added IDLB is ready to contribute to financing of any project in the new administrative capital, where the main branch of the bank is scheduled to be built in the new administrative capital on a large area exceeding 5 thousand meters.

"IDLB is very interested in small and medium enterprises as the backbone of the economy of the country and therefore we have given direct facilities for small and medium enterprises with an estimated one billion and 850 million Egyptian pounds, and compared to 2012, we have achieved a historic success where funding was granted about 145 million pounds in 2102 Is an unprecedented achievement," Azzam indicated.

He added that the bank is working to expand individual loans in terms of development projects such as gas, electricity, water and real estate finance. We finance about 1,000 customers a week to deliver gas and the gas finance portfolio reached about 70 million pounds until the end of last month in Fayoum and Beheira governorates.

"According to figures, the volume of the retail loan portfolio reached about 14 million pounds in 2012 and recorded about 546 million at the end of last month and aims to reach 2 billion at the end of 2018/2019," he said.