Billionaire Naguib Sawiris Wants To Own A Bank In Egypt

12 Nov 2017

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.

“If the Governor of the Central Bank of Egypt gives me a license for a bank, I’ll open it tomorrow,” Sawiris said during a session at the World Youth Forum (WYF) entitled “Entrepreneurship and Innovation – The Youth Shape the Future of the World.”

Sawiris said he wanted to open a bank primarily to support and fund entrepreneurs who are often neglected by the large banks.

“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). He also has interests in mining and construction.

forbes

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