Egyptian banking sector pumps $178 billion in economy

CAIRO: The Egyptian banking sector has pumped EGP 2.8 trillion ($178 billion) in the Egyptian economy this year, Head of Egypt’s Banque Misr said in an interview with Al-Arabiya.

Mohamed El-Etreby said that the Federation of Egyptian Banks (FEB), headed by Mohamed El-Etreby, has contributed EGP 500 million ($31.824 million) towards Egypt’s purchase of vaccines for the novel coronavirus (Covid-19) pandemic.

El-Etreby revealed that the FEB’s support continues its pivotal role in supporting the Egyptian state’s efforts to combat the coronavirus, under the auspices of the Central Bank of Egypt.

He said FEB provided the financing for the vaccines with five Egyptian banks, contributing EGP 170 million ($10.8 million) to manufacture the vaccine in Egypt.

El-Etreby said that the banking sector has a plan to counter cyber-security threats in cooperation with the Central Bank of Egypt.

At the forefront of those efforts comes the coordination of a donation campaign for those affected by the repercussions of the coronavirus. The banks working in the Egyptian market have donated over EGP 750 million ($47.7 million) towards this cause