List of all articles filed under “egypt-economy” category.
The Egyptian government is now focusing on small scale industries as a mean of economic and social development. The country’s private sector is dominated by a plethora of small businesses such as farmers, furniture makers or restaurant-owners.
AlexBank is the only private bank with a presence in every governorate of Egypt. “We are working to improve the SME business by offering new products and using the experience we have gained in Italy where the pillar of the business sector is SMEs. The Egyptian government and the business sector are all saying that the future of the country will be SMEs,” says Roberto Vercelli, MD & CEO of AlexBank.
Over the past 40+ years the government of Egypt has created four export promotion units as integral components of its strategy to create jobs through international trade.
The Egyptian banking sector ticked off marked growth over in the last year, with aggregated assets rising by nearly 17 percent in local currency terms during 2013, according to the country’s Central Bank.
Though coming out of a challenging period Egyptian industry is showing marked signs of a steady recovery. Industry is the second largest sector in the Egyptian economy and accounts for nearly 40 percent of GDP.
Subsidy cuts, new taxes and “bitter pills” were introduced to enable a smoother recovery of Egypt’s economy.
The Egyptian economy passed through many political, social and security crises since January 2011.
