Banks of Egypt

Banque Misr

Banque du Caire

Egyptian Arab Land Bank

National Bank of Egypt

Principal Bank for Development and Agricultural Credit

Bank of Alexandria

Misr Iran Development Bank

Commercial International Bank

Barclays Bank Egypt

Industrial Development & Workers Bank of Egypt

Societe Arabe Internationale de Banque

Blom Bank

Credit Agricole Egypt

BNP Paribas

Suez Canal Bank

Nationale Societe Generale Bank

Federal Arab Bank For Investment and Development

Piraeus Bank

Bank Audi

Ahli United Bank

Faisal Islamic Bank of Egypt

Housing and Development Bank

Al Baraka Bank of Egypt

Al Watany Bank of Egypt

National Bank For Development

Union National Bank Egypt (UNB-E)

Egyptian Gulf Bank

Arab African International Bank

HSBC Bank Egypt

Arab Banking Corporation

Export Development Bank of Egypt

United Bank -Egypt

National Bank of Abu Dhabi

Citibank

Arab Bank Plc.

Bank of Nova Scotia

Mashreq Bank

National Bank of Greece

National Bank of Oman

 

Economy—overview: At the end of the 1980s Egypt faced problems of low productivity and poor economic management compounded by the adverse social effects of excessive population growth high inflation and massive urban overcrowding. In the face of these pressures in 1991 Egypt undertook wide-ranging macroeconomic stabilization and structural reform measures. This reform effort has been supported by three successive IMF arrangements the last of which was concluded in October 1996. Egypt's reform efforts—and its participation in the Gulf war coalition—also led to massive debt relief under the Paris Club arrangements. Although the pace of reform has been uneven and slower than envisaged under the IMF programs substantial progress has been made in improving macroeconomic performance. Budget deficits have been slashed while foreign reserves in 1997 were at an all-time high. And Egypt has been moving toward a more decentralized market-oriented economy. These economic reforms and growing investment opportunities have prompted increasing foreign investment but incoming capital has largely been concentrated in stock market portfolio flows. Egypt's economy also has been hit by a sharp downturn in tourism—a key foreign exchange and job producing sector—following the 17 November 1997 massacre of foreign tourists at Luxor. Although Egypt will probably regain these revenues over time the slump in tourism is likely to slow the GDP growth rate in 1998.