UK-based bank Standard Chartered has been given a nod from the Central Bank of Egypt to launch a branch in the North African country. This is the first European-based bank to announce plans to set foot in Egypt after a number of European, Canadian and US-based lenders have exited the local market since 2012.
Economists say the Egyptian authorities are betting on a prosperous banking sector, despite the coronavirus pandemic, to lure foreign investors and boost sophisticated financial solutions on the local market.
