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Égypt-actus
revue de presse sur l'actualité culturelle, archéologique, politique et sociale de l'Égypte
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Moody's criticised for lowering Egyptian bank ratings

Moody's criticised for lowering Egyptian bank ratings | Égypt-actus | Scoop.it

Egyptian financial experts and economists criticized Moody's, the international credit ratings agency, for downgrading the local-currency deposit rating of five Egyptian banks and for tying this move to its downgrade of Egypt's credit rating a week ago.

Moody's lowered the ratings of five banks on March 26th: the National Bank of Egypt, Banque Misr, Banque Du Caire, Commercial International Bank (Egypt) and the Bank of Alexandria. A week earlier, it lowered the rating of Egyptian government bonds from B3 to Caa1.

"A 'C' rating is the lowest possible rating a bank can receive," Shahir Abdullah, an economics professor at Ain Shams University, told Al-Shorfa. "It signifies a very high credit risk and that the banks could fail to pay or will be in arrears on loan payments."

The agency attributed its decision to the disturbances in Egypt and the instability of its political situation.

The new rating "reflects to varying degrees the government's diminished ability to support the banks and the intensifying credit link between the banks' balance sheets and sovereign credit risk" Moody's said in a statement.

 

Al-Shorfa

More : http://al-shorfa.com/en_GB/articles/meii/features/2013/04/06/feature-01


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Egypt tries to attract foreign investment in state debt

By Asma Alsharif / Reuters

 Foreign investors' funds to be ring-fenced at central bank

* Scheme expanded to foreign purchases of government debt

* Local banks reaching limits of t-bill purchases

* Foreigners may remain cautious due to turmoil, no IMF deal

 

 Egypt opened a scheme on Sunday allowing foreign investors in its financial markets access to dollars despite a hard currency shortage, a move which analysts said aimed to attract external funding for the soaring state budget deficit.

The central bank said it was restarting a mechanism helping foreign investors to repatriate their funds that was last used in 2000-2003 - also a period of dollar shortages when the Egyptian pound's value fell sharply.

Previously the scheme covered purchases on the stock market. However, the central bank said in a statement that the "Foreign Investors' Repatriation Mechanism" would now be expanded to cover treasury bills and bonds.

"In addressing the central bank's responsibility for moving the Egyptian economy securely through the exceptional circumstances that the country is going through, it has decided to reenact those mechanisms starting Sunday," the bank said.

The mechanism requires foreign currency inflows through commercial banks be sold to the central bank and ring-fenced in the Foreign Investment Fund. When investors sell their Egyptian assets, they can then withdraw the sum in dollars from the Fund.

The statement did not make clear whether the scheme applies only to new purchases of Egyptian assets or if it would also cover existing investments. Central bank officials were not available for comment.

Egypt has endured two years of political instability, driving tourists and foreign investors away and draining its foreign reserves. These fell to a critical level of $13.5 billion at the end of February from $36 billion just before the uprising that ousted President Hosni Mubarak in 2011.

The Egyptian pound has lost more than 8 percent against the dollar since the end of last year and central bank has rationed dollars through auctions to commercial banks to slow the slide in the pound and the reserves.

Hany Genena, head of research at Cairo-based Pharos Investment Bank, said the scheme aimed to offer security at a time of deteriorating state finances.

"It gives confidence to foreign investors that their funds invested in Egypt will not be utilised tofinance the balance of payments," said Hany Genena, head of research at Pharos Cairo-based Pharos Investment Bank.

 

More : http://www.reuters.com/article/2013/03/17/egypt-repatriation-idUSL6N0C911J20130317

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The 7th International Takaful Summit in Egypt

By: Lamia Nabil/Daily news Egypt

The 7th International Takaful Summit launched on Monday for the first time in Egypt, bringing takafulinsurance and Islamic finance proposals to Egypt.

During his opening speech, keynote speaker and Minister of Finance Al-Morsi Hegazy said: “Egypt’s hosting this summit for the first time reflects confidence in the country’s economic future.”

He also said that Egypt is expanding mechanisms to allow for Islamic finance products and services to be launched on the market and that the country is ready to adopt the summit’s ideas and proposals.

Islamic insurance began in Egypt in 2008. By 2012, there were 12 companies in the market with total growth reaching 27%. Total compensation volumes hit EGP 470m in 2012, compared to EGP 130m in 2008, and now represent 6% of total compensation volumes for the insurance market in Egypt as a whole, according to Hegazy.

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Electricity Ministry signs first Sharia-compliant contract

Electricity Ministry signs first Sharia-compliant contract | Égypt-actus | Scoop.it

The National Bank for Development (NBD) and the Abu Dhabi Islamic Bank signed the first joint contract that conforms to Islamic Sharia to finance public sector projects.

The funds, totaling US$110 million, will go to the East Delta Electricity Production Company.

Niveen Lotfy, CEO of the NBD, told state news agency MENA that this contract, representing a new initiative on the part of banks to finance infrastructure projects in conformance with Sharia, will fuel economic growth in Egypt by expanding the scope of partnerships with the public sector.

The financing guarantees the provision of spare parts to produce electricity in the Nile Delta region, Lotfy said. (Egypt independent)

More : http://www.egyptindependent.com/news/electricity-ministry-signs-first-sharia-compliant-contract

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Egypt: Banks attracting Gulf investors

By Robert Tashima

Despite an uncertain political climate and a sluggish economic recovery, the long-term prospects of Egyptian banks are attracting attention from their Gulf counterparts. Two recently announced acquisitions have brought the sector back into the headlines on a positive note, helping offset a recent ratings downgrade. While the transactions also represent the exit of two European banks looking to shift focus back to their core markets and reduce risk, the investments by major Gulf players indicate their confidence in the sector’s future.

Egypt-actus's insight:

The IMF predicts growth in Egypt of 3% this year, higher than in 2011 or in 2012 but well below the rate needed to generate the universal real income increases and jobs that Egyptians are seeking. But if Egypt can address its substantial political and economic challenges, QNB and ENBD’s investments may seem like a bargain.


More : http://www.dailynewsegypt.com/2013/02/02/egypt-banks-attracting-gulf-investors/

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Industrial Development Bank Seeks Cooperation With Industrial Authorities

Industrial Development Bank Seeks Cooperation With Industrial Authorities | Égypt-actus | Scoop.it

The Industrial Development and Workers Bank ofEgypttargets to sign a protocol of cooperation with a number of authorities which are subsidiary to the Ministry of Industry and the Industrial Modernization Centre (IMC).

 

The protocol stipulates that the bank offers financial support and the Ministry offers technical support and training for small and medium enterprises (SMEs).

The bank plans to cooperate with the Industrial Development Authority through financing projects which are licensed by the Authority, said Hamdi Azzam, member of the board of directors of the bank.

 

In addition, the bank is in talks with the Ministry of International Cooperation to tap into the foreign loans and grants allocated for SMEs.

 

The bank raised the value of SME finance portfolio by 141% to reach EGP 350 million at the end of 2012, compared to EGP 144 million at the end of 2011.

The bank increased the number of its customers by 245% to reach 352 customers, compared to 136 customers at the end of 2011

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Egyptian Banks Consider Closing Branches Tomorrow On Port Said Violence

Egyptian Banks Consider Closing Branches Tomorrow On Port Said Violence | Égypt-actus | Scoop.it

Banks’ board of directors in Egypt will hold meetings to discuss the possible methods of guarding their branches and closing down those nearby to clashes that take place in Egypt especially in Port Said which witnesses violent clashes after sentencing 21 defendants to death for taking part in riots at a football match in Port Said. 

Mohamed Abbas Fayed, deputy chairman of Banque Misr, said the current events negatively affect economy and thereby the people. Banque Misr has not taken a decision to close its branches in Port Said yet, but it will decide upon this matter by the end of the day.


Ayman Tolan, head of branches of the National Bank of Egypt (NBE), stated that the bank issued instructions to its branches in Port Said to take the necessary security measures if chaos intensifies. NBE’s officials follow up the current events to take the suitable measures for keeping the customers’ funds safe and securing the bank’s buildings, he added. The bank will hold an urgent meeting to discuss the situation and decide whether to shut down its branches in Port Said or not.(...)

Egypt-actus's insight:

 

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Egyptian bank giving loans in promotion of polygamy

Egyptian bank giving loans in promotion of polygamy | Égypt-actus | Scoop.it

In a strange development, the Egyptian Bank for Development and Agricultural Credit is to grant loans to low-income farmers in an effort to give them funds necessary to marry a second wife. The goal, the bank said, was to assist in helping unmarried women tie the knot, but it has brought on scorn from women’s rights activists in the country who say the move is counter to Egyptian values.

Egypt-actus's insight:

“This is not Saudi Arabia and we are not a country where we support polygamy,” university student Heba Aly told Bikyanews.com after hearing the news. For her, the idea is “a horrific show that Gulf efforts are coming to Egypt more and more.”

She blamed the idea on the rise of the Muslim Brotherhood and the Salafists – ultra-conservative Puritans – who have given the Gulf more power in everyday Egyptian affairs.

“I find this disgusting. Egypt is not a place where we have a lot of men marrying more than one woman and for a bank to actively promote polygamy makes me sick and I really want to leave this country if it continues,” she added.

The Bank’s chairman, Mohsen Batran, said at a press conference held with the Minister of Agriculture last Tuesday that the bank will be granting loans to young farmers, to help them with the cost of marriage, according to government-run al-Ahram newspaper.

His initiative includes encouraging polygamy, provided that they will just wed two wives. The bank’s chairman said that the loan’s interest on the first marriage is three percent while for the second marriage is six percent.

Men seeking a third wife will have to pay a loan’s interest of more than 15 percent.

According to Al-Ahram, there are 9 million unmarried women in Egypt and as women get older they face a cultural backlash as a result.

Batran, meanwhile, criticized those who are skeptical about the bank’s support to the farmers, adding that the bank had helped 37,000 farmers with their debts.

Joseph Mayton/Bikyanews.com

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Egypt C.Bank reduces amount offered at dollar auction

Egypt C.Bank reduces amount offered at dollar auction | Égypt-actus | Scoop.it

La banque centrale égyptienne a réduit le montant de ses "ventes aux enchères" quotidiennes de devises pour ce mercredi, un jour après que le Qatar ait injecté 2,5 millions de dollars dans le pays .

La banque centrale a mis en « vente » 50 millions de dollars, moins que les 60 millions proposés dimanche et mardi passés et que les 75 millions de dollars de chacune des quatre "ventes" de la semaine dernière.

Egypt-actus's insight:
Egypt C.Bank reduces amount offered at dollar auction

The Egyptian central bank reduced the size of its daily foreign currency auctions on Wednesday, a day after Qatar threw Egypt an economic lifeline by sending $2.5 billion in aid to help it get a currency crisis under control.

 

The bank offered $50 million to banks on Wednesday, less than the $60 million offered on Sunday and Tuesday and the $75 million offered at each of four auctions last week. Jan. 1 and Jan. 7 were bank holidays.

It will bring the total amount of foreign currency sold in the auctions to $470 million

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The drip, drip, drip of Egypt's bad economic news

The drip, drip, drip of Egypt's bad economic news | Égypt-actus | Scoop.it
The Egyptian pound has tumbled in recent weeks, but it could go much further. Here's why.

 

A man walks next to a currency exchange office in downtown Cairo, Wednesday. On Thursday, the Egyptian pound was being offered at 6.5 to the dollar at money changers in Cairo, the lowest level in eight years and about seven percent lower than it was at the start of December.

Khalil Hamra/AP

Egypt-actus's insight:

Egypt desperately needs a $4.8 billion loan from theInternational Monetary Fund, but to get it President Morsi needs to cut subsidies and adopt other austerity measures that will erode the already shaky living standards of millions of the Egyptian poor. But if he balks, Egypt's foreign currency reserves will continue to deplete and the Egyptian pound will continue to plummet, hurting business and raising the costs of government subsidies on bread and fuel that millions of poor Egyptians rely on.

Either way, Egypt is facing the threat of a major economic shock after a manageable drip, drip, drip of economic pain for the past two years. Egypt's fuel subsidies are wasteful and untargeted, but they have become a critical support of the economy after decades in place. Practically every scrap of food moved in Egypt relies on gasoline- or diesel-powered transport, and an increase in those costs will go straight to the price of food. The IMF has also sought a cut in cooking fuel subsidies.

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Egypt: Too Big to Fail?

Egypt: Too Big to Fail? | Égypt-actus | Scoop.it

Since the Arab Spring uprising, Egypt’s economy has deteriorated. The country’s most immediate crisis is a foreign reserve shortage. Stocks of the country’s foreign currency reserves have fallen to dangerous lows, and the Egyptian pound has been in a free fall since New Year’s Day after a new currency regime was instituted. The Central Bank’s nearly two-year action to prop up the pound has drained its foreign reserve coffers, and traditional sources of foreign currency have been severely reduced since the revolution. This means that soon Egypt may not have the money to buy basic food and fuel from abroad.


The Foundry

More : http://blog.heritage.org/2013/03/21/egypt-too-big-to-fail/

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L'Egypte approuve la vente de la National Société Générale Bank

L'autorité de régulation financière égyptienne autorise le rachat de la National Societé Générale Bank par la Banque nationale du Qatar. Elle exige toutefois que la prise de contrôle porte sur 100 % des parts. 
  
Conclue début décembre 2012, la transaction, d'un montant de 1,5 mrd €, ne portait que sur les 77,17 % d'actions détenues par la Société générale (CA 2011 : 25,6 mrds €) dans sa désormais ex-filiale en Égypte.
  
Créée en 1978, celle-ci dispose dans le pays d'un réseau de 160 agences et d'un portefeuille de 700 000 clients. (econostrum)

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Banking and Insurance Special:Flurry of conventional banks enter Islamic banking sector

Banking and Insurance Special:Flurry of conventional banks enter Islamic banking sector | Égypt-actus | Scoop.it

By: Ayat Al-batawi/Daily news Egypt

There has been growing interest recently among conventional banks in Egypt who own licences to provide Sharia-compliant services, to restructure their branches which offer such services.

Such banks are looking to increase their investment and transaction portfolios in a bid to boost profits amid the current dearth in investment opportunities for traditional banking.

Leading the way among traditional banks offering Sharia-compliant services is Banque Misr, with a total of EGP 22bn in Sharia-compliant transactions.

It is followed by the National Bank of Egypt (NBE), whose total Sharia-compliant transactions totalled EGP 1.6bn.

The Principal Bank for Development and Agricultural Credit (PBDAC) was third with total Sharia-compliant transactions reaching EGP 1bn.

It was followed by the Suez Canal Bank (SCB) with EGP 700m, the Egyptian Gulf Bank (EGB) with EGP 650m, the Arab Investment Bank (AIB) with EGP 230m, and  Société Arabe Internationale de Banque (SAIB) with EGP 200m.

In the midst of this competitive atmosphere in the Islamic banking sector, Islamic banks themselves are preparing to apply their new investment plans.

Financing for small and medium sized enterprises (SMEs) has also seen a spike in interest so far this year, with conventional banks aiming to strike agreements with the Social Fund for Development (SFD) in order to increase their presence within the SME segment.

 

More : http://www.dailynewsegypt.com/2013/02/17/banking-and-insurance-specialflurry-of-conventional-banks-enter-islamic-banking-sector/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+DailyNewsEgypt+%28Daily+News+Egypt%29

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Gulf banks major acquirers in MENA/Egypt

Banks in the Gulf Cooperation Council (GCC) countries are becoming active buyers again of stakes in banks in the Middle East and North Africa (MENA) and even farther afield, Standard & Poor’s said yesterday.

As acquirers in MENA, Gulf banks are taking the place of European banks that are shoring up their balance sheets in the aftermath of the financial and sovereign crises.(...)

 

Standard & Poor’s Ratings Services has noted a sharp rebound in acquisitions by Gulf banks in 2012, especially in Turkey and Egypt, in a report published today, “Exit European Banks, Enter Gulf Banks as Major Acquirers in the Region’s Emerging Markets”.

Mergers and acquisitions in 2012 in MENA were the highest since 2008, and buyers favored the financial sector slightly more at 30.5 percent of transactions than telecommunications at 26.7 percent. And Egypt and Turkey attracted much of the activity. According to the report, 142 deals were announced or closed in Turkey for a total value of $ 10.1 billion, and in Egypt, transaction volume reached $ 9.8 billion from 38 deals.(...)

 

 

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La Libye compte investir sur la Bourse d’Egypte

La Libye compte investir sur la Bourse d’Egypte | Égypt-actus | Scoop.it

La Libye devrait commencer à investir sur la bourse égyptienne cette année 2013. Un important nombre de mesures annoncées entre le Caire et Tripoli devrait être mis en branle cette année.

Egypt-actus's insight:

Les autorités libyennes ont l'intention de relancer les relations commerciales entre les deux pays. Cette volonté a été réaffirmée lors de la visite officielle en Egypte en 2012 d’une délégation libyenne qui avait rencontré Osama Saleh, le ministre égyptien de l'investissement, afin de discuter des intérêts commerciaux dans le pays.

Dans le portefeuille des projets qui retiennent l’attention des Libyens il y a le programme résidentiel au Nouveau Caire et un projet d'élevage sur 33 000 hectares. Il y a également, la création d'entreprises conjointes de pêche et la création d’une zone économique commune pour permettre une coopération accrue entre les sociétés d'énergie dans les deux pays. (Ecofin)

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NBE Closes Its 6 Branches In Port Said

NBE Closes Its 6 Branches In Port Said | Égypt-actus | Scoop.it

The National Bank of Egypt (NBE) closed its 6 branches in Port Said for the second consecutive day after violence flares in the governorate, said Hazem Hegazy, head of retail nanking and branches group at NBE.

The bank decided to close its branches in Port Said for unidentified time till the turmoil eases, he added.

 

He revealed that the bank’s branches in Suez and Ismailia are open during the regular working hours under the bank’s intensified civil security protection and military security protection which guards Suez’s streets.

 

The bank has 261 branches spread across all governorates in Egypt as well as 72 outlets in hotels and air ports. The bank plans to launch 23 new branches in the current fiscal year mostly in Cairo and Alexandria.

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NBE Allocates EGP 120 Mln For 55 Brick Factories In Behira

NBE Allocates EGP 120 Mln For 55 Brick Factories In Behira | Égypt-actus | Scoop.it

The National Bank of Egypt (NBE) allocated EGP 120 million to finance 55 brick factories in Behira City in order to make them run on natural gas instead of heavy fuel oil.

This move is consistent with the bank’s strategy which seeks to reduce the emissions produced by factories powered by diesel and heavy fuel oil.

Sources said the bank received requests from five other factories during this month after 50 brick factories submitted requests to NBE to receive such finance last year.

The bank coordinates with gas companies to conduct field survey for these factories in order to start the project slated to be financed by next February.

In addition, NBE had earlier financed 200 brick factories in Arab Abu Saed in Giza to use natural gas instead of heavy fuel oil and diesel. The cost of delivering natural gas to these factories is about EGP 140 million. NBE had also allocated EGP 120 million for 130 brick factories in Al Saf City in Helwan.

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CBE Names Mohamed El-Atreby MD, CEO Of EGB

CBE Names Mohamed El-Atreby MD, CEO Of EGB | Égypt-actus | Scoop.it

The Central Bank of Egypt (CBE) has approved the appointment of Mohamed El-Atreby as the managing director and CEO of the Egyptian Gulf Bank (EGB).

EGB announced in a statement to the Egyptian Exchange that Ali Shaker resigned because he wants to quit the executive work.

Shaker was named the managing director of EGB in October 2011, following Saeed Zaki who left the executive post to be a non-executive member of the board of directors. El-Atreby was chairman of the Arab Investment Bank and then became a chairman of the Egyptian Arab Land Bank.

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Egypt pound hits record low after c.bank auction

Egypt pound hits record low after c.bank auction | Égypt-actus | Scoop.it
Egypt-actus's insight:

(Reuters, via Aswat Masriya) - The Egyptian pound hit a record low on Tuesday after weakening again at a central bank U.S. dollar auction designed to stem a decline in the country's dwindling foreign currency reserves.

The central bank said the cut-off price at the Tuesday auction was 6.4492 pounds to the dollar - a 0.5 percent fall from Sunday when the cut-off price was 6.4185 pounds to the dollar. The central bank said it had sold $60 million at the auction - the same amount it had offered.

The weakening is in line with the central bank's interbank trading band, which it narrowed last week to plus or minus 0.5 percent from the previous 1.0 percent.

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Banques islamiques : Le vent en poupe

Banques islamiques : Le vent en poupe | Égypt-actus | Scoop.it

Le gouvernement des Frères musulmans vise à augmenter leurs parts dans le marché au cours des 4 prochaines années. Un plan soutenu par les différents acteurs.(...)

La précipitation des banques pour accéder au financement islamique paraît normale et indispensable avec l’arrivée au pouvoir d’un président islamique, tandis que les dirigeants politiques travaillent à élargir le système bancaire islamique qui existe déjà depuis les années 1970. « L’objectif du gouvernement actuel est d’augmenter la part de financement islamique de 7 % à 35 % dans les 4 prochaines années. La concrétisation de cet objectif n’aura pas de répercussions sur les banques déjà existantes sur le marché, puisque 17 % seulement de la population possèdent un compte bancaire. Les options existant pour attirer les 83 % restants vont donc s’élargir, ce qui permettra d’augmenter le taux d’épargne », note Ahmad Al-Naggar, membre du comité économique du Parti Liberté et justice, à l’issue de la conférence Euromoney, tenue au Caire les 9 et 10 octobre dernier. Cette porte était pratiquement fermée pendant le régime de Moubarak. « Les autorités pendant l’ancien régime de Moubarak limitaient l’expansion des banques islamiques pour ne pas empiéter sur la couverture des banques commerciales », renchérit- il. Le principe de travail d’une banque islamique est d’accorder au client un intérêt variable qui dépend directement des profits réalisés. Ceci pourrait largement intéresser les clients, parce que ces taux seraient plus attractifs que ceux accordés par les banques commerciales. Pour les freiner, la BCE les a obligées à prendre « le taux d’escompte comme un taux directif », souligne Ayman Farouq, membre du comité économique du parti salafiste Al-Nour. Les banques qui n’exercent pas encore d’activité bancaire islamique se trouvent face à un défi, et devront s’adapter à cette nouvelle donne qui va venir transformer le paysage bancaire égyptien. 13 entités bancaires offrent aujourd’hui les produits islamiques, parmi lesquelles 3 seulement sont purement islamiques (banque Faysal Al-islami, Banque nationale de développement (NBD) et Al-Baraka Misr). Les autres sont des filiales dépendant de banques commerciales, telles que la banque Misr, la banque Audi et la Banque de développement et de crédit agricole. Selon les chiffres de l’Association égyptienne pour le financement islamique, le montant des financements accordés par les banques islamiques en Egypte s’élevait à 64,7 milliards de L.E. en mars dernier, représentant 7,6 % du total des financements bancaires (soit 850 milliards de L.E.).

 

Gilane Magdi/Al-Ahram Hebdo

 

Plus : http://hebdo.ahram.org.eg/NewsContent/0/3/131/970/Le-vent-en-poupe.aspx

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