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Hussein Refai, CEO and Managing Director of the Industrial Development Bank (IDB), stated during the opening of the annual conference on private sector participation, held under the theme "The Latest Economic Developments and the Way Forward," that the banking sector is one of the most active sectors in keeping pace with technological advancements, particularly during the COVID-19 period.

He added that technological developments have contributed significantly to attracting many customers, especially the youth, supported by the introduction of several digital services such as InstaPay. This has also facilitated the growth of private sector financing and the transition from a cash-based to a cashless society, reflecting progress in the concept of financial inclusion.

Refai pointed out that supporting small and medium-sized enterprises (SMEs) remains a key focus for banks, which are required to allocate 25% of their portfolios to this sector. He also noted that banks play a vital role in supporting the national economy, with the average loan-to-deposit ratio in banks showing growth in recent periods, reaching about 75%.

Refai stressed the importance of strengthening cooperation between government entities and private sector institutions to overcome obstacles facing investment, provide a suitable environment for business growth, and attract direct foreign investments.

In conclusion, the CEO and Managing Director of the Industrial Development Bank emphasized that the bank’s services include supporting industry and exports, as well as playing a vital role in the localization of industries. The bank also contributes significantly to the field of corporate social responsibility (CSR) through its involvement in education, healthcare, and vocational education.

The conference is held within the framework of a broad partnership that brings together some of the most prominent economic institutions in Egypt, including the Center for International Private Enterprise (CIPE), the Federation of Egyptian Industries (FEI), the Federation of Egyptian Banks (FEB), the National Planning Institute (INP), the Alexandria Businessmen Association (ABA), the Egyptian Businessmen Association (EBA), and the Steering Committee of the Venture Capital Structural Reforms Group (VCSR).

The Private Sector Participation Conference serves as an important platform for exchanging ideas and expertise and building new partnerships that contribute to driving Egypt’s economic development forward.