Egyptian billionaire Naguib Sawiris to open SME-focused bank in Luxemburg
Wednesday, 09 March 2016 22:36
Egyptian billionaire Naguib Sawiris announced on March 8, he plans to open a bank which focuses on funding small and medium enterprises (SMEs). The institution will be based in Luxemburg and it will cost $55 million.
Sawiris told local and international press, at an economic forum held in Cairo that he already applied for an accreditation from Luxemburg authorities. He gave no further details regarding the project.
Naguib Sawiris who owns various flourishing businesses in Egypt including Orascom Telecom, Orascom Construction Industries and Orascom Hotels & Development has been listed in the 2016’s edition of Forbes’ World Billionaire ranking with a $3 billion wealth.
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