Egyptian billionaire Naguib Sawiris has indicated interest in establishing a private bank in Egypt. During a session at the World Youth Forum in Sharm El Sheikh on Tuesday, Sawiris reportedly said he had always wanted to establish a bank in Egypt, and he had tried to acquire a license in the past without any success. “Entrepreneurs have not received enough funds from the Egyptian banks,” Sawiris said. He called on the Central Bank to initiate programmes that enable small business, simple industries and medium-sized enterprises in Egypt access capital more easily. Sawiris, 62, is one of the richest people in Egypt with a fortune FORBES estimates at $3.9 billion, earned largely from his stake in Egyptian mobile telecom outfit, Orascom Telecom Media & Technology (OTMT).

Source: Forbes November 11, 2017 17:03 UTC