Moody's upgrade mirrors confidence in Egyptian economy

Moody's upgrading of five Egyptian banks to B3 is a good indicator on the strength of the Egyptian economy, said managing director and executive director of Blom-Egypt Bank Mohamed.

He attributed the upgrading of five Egyptian banks to the successful economic policies adopted by the Egyptian government lately.

He lauded the measures taken by the government to assure investors, both local and foreign ones, on their investments, saying their consequences were clearly manifested during the Sharm el Sheikh conference either in terms of investor attendance or investments that were secured.

The Egyptian banking sector, thanks to the latest measures by the Central Bank of Egypt to fight parallel market, is now on the right track, he added.

Speaking about foreign banks operating in Egypt, he said they, including Lebanon's Blom Bank, are working under the supervision of the Central Bank of Egypt and they play a role in boosting the Egyptian economy through the projects they finance.

He said Blom bank's capital hit one billion pounds and it has now 31 branches across the nation.

The bank's credit portfolio reached 5.2 billion pounds and it plans to increase it next year.