Never mind that the reporter pretended that he wrote this, while it is actually an unedited press release from SANAD itself, anyway, that is standard practice.
The point is, because there is only 10% banking penetration in Egypt, international debt-creators see great opportunity to increase Egyptians’ private debt.
Take note of the fact that SANAD is a consortium of European investment bankers, and that AlexBank, one of Egypt’s leading private sector banks, is 75% owned by the International Finance Corporation, or, put another way, another consortium of European investment bankers.
In Latin America during the 1990s, as part of the neoliberal assault on the region, the penetration of international banks led to decreased competition in the banking sector, and tremendous instability of the financial system, as massive global finance companies spread their power and influence and their control over capital.
External Context سياق خارجي