Sawiris looks to acquire license for SME-focused bank in Egypt

Hope springs eternal: Naguib Sawiris would like to set up an SME-focused financial institution once the Central Bank of Egypt (CBE) introduces a relevant licensing mechanism, according to the domestic press. The report claims the celebrity bn’aire spoke with CBE Governor Tarek Amer about creating a class of tier-two lender that would cater to the financing needs of SMEs. We had noted in February that the CBE was looking into a category of licenses of tier two lenders.

In other Naguib news: Sawiris is complaining about red tape in the real estate industry, is looking to invest in a dairy operation and is mulling doing something in the ride-hailing sector, according to local press reports.