Amid global economic stagnation and domestic upheaval, the Egyptian banking sector has performed remarkably steadily. However, one of the key facets behind its success – its conservatism – is coming under increasing criticism from some, who claim its reluctance to lend beyond large corporations and government entities is holding the country back.
The European Bank for Reconstruction and Development's managing director for the southern and eastern Mediterranean region, Hildegard Gacek, explains how expertise and past experience are now enabling the EBRD to assist Egypt, Morocco, Jordan and Tunisia through a period of great economic and political change.
A new generation of sovereign wealth funds – from resource-rich economies in Africa and Latin America – has emerged over the past few years. While these new funds are still relatively small, their impact could be sizable if they enable their source countries to secure stable economic growth and mitigate future risks associated with the booms and busts of the commodity cycle.
Guinea's austerity measures have not proven popular with the country's army and civil service, but have impressed the IMF and other international observers. Its president and finance minister explain the challenges they have met in rebuilding the newly democratic country, and how they intend to turn it into a resource-based African powerhouse.
Somalia’s central bank governor has to create a financial system virtually from scratch. But, as Paul Wallace writes, there is no shortage of foreign and local investors wanting to establish banks in the country, which seems to be on the mend for the first time in two decades.
Africa’s underdeveloped economies and financial sectors have proved a barrier for central banks implementing monetary policy and prudential regulation. But recent years have seen significant progress, thanks in no small part to central banks’ growing independence from governments.
As Dubai has grown, so has its role in the global transaction services industry, with the emirate now serving as the nerve centre of all trade taking place across the Middle East and north Africa. And as Dubai sets out its stall to become the next renminbi hub, this role only looks set to grow.
Sim Tshabalala, the recently appointed co-chief executive of South Africa’s Standard Bank, tells Paul Wallace about his plans to grow in Africa and connect the region to the world’s investors. He also explains why replacing Jacko Maree with joint CEOs was the right decision.
In the past three years, international equity issuance from African companies has outpaced listings on the continent. This trend looks set to continue for the time being, thanks to the small size of most African exchanges and global investors’ increasing appetite for exposure to the continent.
Africa might still account for only a small amount of investment banking activity globally, but the business it generates is only set to rise, according to Citi’s Miguel Azevedo. He talks to Paul Wallace about the continent’s exciting prospects and which sectors hold the most promise.