Egypt has moved up six places in the World Economic Forum’s 2018 Global Competitiveness Index, to 94 out of 140 countries. But it still ranks second to last in the Arab world, as issues remain with regards to macroeconomic stability, as well as difficult trade and customs tariffs regimes. It is ranked 99th in the financial system ranking.
Despite these challenges, Egyptian banks have been gradually building up their assets since the revolution gripped the country in 2011. The top five banks have increased their balance sheets by more than 40%, from a total of $113bn to $160bn. The country’s largest lend, National Bank of Egypt (NBE), has led the charge, boosting its balance sheet by an impressive 47% between 2011 and 2017.
