Egypt’s banking system exempt from the financial crisis

Report 08/2009
A relatively minor international integration of its financing sector and a generally speaking conservative credit approval approach have ensured that Egypt’s banking sector has weathered the turbulences of the global financial market mostly unharmed. Investment in modern banking products or so-called “toxic” assets has, if it happened at all, been marginal and the financial services sector didn’t need propping up. This meant that early on the Egyptian government was able to deal with the real economic effects of the economic crisis and was able to take targeted action in those economic sectors of the country that required assistance.