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Hussein Refai, CEO of the Industrial Development Bank, stated that the Central Bank of Egypt is making great efforts to support economic stability and is working diligently toward this goal.

During the first session of the Private Sector Participation Conference, he emphasized that the banking sector plays a fundamental role in supporting the national economy.

He pointed out that banks are actively participating in various initiatives that support the national economy, including industrial initiatives and those aimed at supporting small and medium-sized enterprises (SMEs).

Refai also noted that the employment ratio (the loans-to-deposits ratio) currently stands at 45%.

The conference discusses the State Ownership Policy Document and private sector participation by presenting the latest updates related to the document, outlining the government’s methodology for divesting state-owned assets, and enhancing the role of the private sector in economic activity.

It is worth mentioning that this conference is organized by the Center for International Private Enterprise (CIPE), in cooperation with 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).