Kazakhstan, Egypt mull stepping up cooperation in banking sector

ASTANA. KAZINFORM - Ambassador of Kazakhstan to Egypt H.E. Arman Isagaliyev met with Mohamed El Etreby, Chairman of Banque Misr, Kazinform has learnt from the press service of the Kazakh MFA.

During the meeting, the sides discussed ways that could potentially lead to more active cooperation between Kazakhstan and Egypt in banking sector. In this context, Kazakhstani diplomat gave an insight into President Nursultan Nazarbayev's initiative on the establishment of the Astana International Financial Center. He continued by expressing Kazakhstan's interest in participation of Egyptian banks in AIFC's activities, including Banque Misr.

Chairman of one of the largest Egyptian banks, in turn, welcomed the initiative to create such center and claimed it can potentially become a regional financial hub. Having confirmed the intention to establish cooperation with AIFC, Mohamed El Etreby also expressed wish to open a representative office of Banque Misr in Kazakhstan in the nearest future.

The Egyptian side was briefed on the current economic situation in Kazakhstan, key aspects of the January state-of-the-nation address New Opportunities for Development Amidst the Fourth Industrial Revolution, and Five Social Initiatives spearheaded by President Nazarbayev.

Founded in 1920, Banque Misr is one of the leading banks in Egypt. The bank has some 600 offices across Egypt, five branches in the UAE and one - in France. In addition, its regional representative offices operate in China, Russia, Lebanon and Germany.