Mohamed El-Etreby, head of the Egyptian Banks Association, said that global fluctuations led to high inflation rates, a rise in the public debt deficit, a decline in some countries’ foreign exchange resources, disruption of supply chains, and an increase in shipping costs.
During his speech at the Union of Arab Banks Conference, which is being held today in Cairo, under the title “The Repercussions of the International Crisis and Its Impact on the Economic Conditions in the Arab Region,” he pointed out the need to crystallize a unified Arab position to overcome this crisis. Promoting structural reforms in Arab countries, And strengthening the role of the Arab banking sector to get out of the current crisis with minimal losses, Expanding the use of renewable energy.
A new fund to support exports, financed by national banks
In exclusive statements to the business hub on the sidelines of the conference, El-Etreby said that Egyptian banks play a great national role to support the economy and promote development at this important time, pointing out that all support is provided for all projects and attention to the industrial sector to increase production and double exports.
He said that work is now underway to establish a fund to support exports with the support of national banks, as it is a main goal for the state and a strong role for Egyptian banks and the Central Bank is working to achieve, which contributes to raising growth rates and creating job opportunities.