The Chairman of the Commercial International Bank (CIB) Hisham Ezz El-Arab stated that the government retains a large sum of liquidity as it has largely borrowed from the Egyptian banking sector during the period that followed last year’s revolution. The government would not have been able to pay the employees’ salaries without borrowing from banks.
The banks have other projects to finance other than lending the government, he noted, adding that the government made many mistakes in the last period by ignoring the maximum lending limits that shall not be transcended.
He added that Egypt’s educational system faces many problems such as the overcrowded classes and the fair financial demands of teachers. In addition, the Egyptian educational system does not provide the graduates with the professional skills needed in the market. Therefore, CIB recruits its employees according to their skills, not their academic certificates.
The bank currently works on a strategy to equally offer loans for people and companies after it has long focused on corporate lending because they are more committed to repayment, especially that the bank lends companies after testing their capabilities for repayment he added noting that the bank tested its financial policy for 2012 in 2011.
