From disruptions to Suez Canal revenues and tourism to the complexities of regional conflicts, Egypt has navigated through what Philippe Dauba-Pantanacce describes as a “perfect storm.”
“We think that it will take 2 years to get back to the levels of about 4.5%... instead of the government spending that we were used to, [this will be driven by] private investments, specifically for renewable projects,” Slim explained
The announcement took place in the presence of key representatives from the bank, including Bill Winters, the CEO of Standard Chartered Bank Group, and Sunil Kaushal, the Regional CEO for Standard Chartered Bank in Africa and the Middle East.
The launch of the bank’s first Egyptian branch was originally expected to happen in September 2022, after receiving the go-ahead from the central bank in January 2022
