Crédit Agricole hosts chief economist in Cairo

The presentation, "Current State and Perspective for the International Financial Markets," provided an overview of the world economic situation and was attended by the bank's management and top clients.

"It is a wonderful opportunity to host Mr Betbéze, a leading economic expert," said Yasseen Mansour, Chairman of Crédit Agricole Egypt. "Mr Betbéze offers unparalleled perspective and insight on unfolding events in the global economy and understands the role of economies like Egypt's and how they can benefit from emerging global trends."

Mansour continued, "Egypt is on the cusp of a significant step forward—the changes in the economy have prompted strong growth, attracted foreign direct investment, fuelled the development of the real estate sector, and bolstered brilliant stock market performance. As a regional affiliate of one of the world's largest financial institutions, Crédit Agricole Egypt welcomes the opportunity to help further the emergence of the Egyptian economy as a regional leader."

Betbéze provided analysis on the recent slowdown in the United States and European economies. "It's not good, no," Betbéze said of US economic conditions, "But the rest of the world can do a lot in this situation, especially emerging markets. Europe is worried but exports allow it to stay resilient. These exports are going to Brazil, Russia, India and China—the BRIC nations—and many other emerging markets. The Euro is appreciating, oil prices are reaching unprecedented levels, and soft commodities are becoming expensive. Clearly there is growth. This growth provides reason for optimism."

Betbéze also addressed local economic conditions. "Egypt is a good story, it is in a strong situation, and there are many reasons to be optimistic." he said. "The country is committed to sound reforms, and they are working. Egypt is attracting investment, and GDP growth was an impressive 7.1% in 2007. I see Egypt poised for 7% growth annually for the next ten years. If the Egyptian Pound is managed correctly, as it has been, I expect gradual appreciation against major currencies."

Betbéze addressed Egypt's strategic role in the region, saying, "In the current global economic conditions it is important to build closer ties and foster stronger cooperation between countries. Europe and North Africa share the Mediterranean Sea, and have many more reasons to develop economic collaboration. Egypt is a critical component of this EuroMed economic region, and I believe it is important that Egypt exercise its influence to encourage its development. In all of this, it is important that Egypt not merely act, but also communicate its strategy and express the country's goals with the nation."

Crédit Agricole Egypt was established in September 2006 after the successful merger of Calyon Bank Egypt, the Egyptian affiliate of Crédit Agricole Group, and the Egyptian American Bank.

Credit Agricole SA is one of the top 5 financial institutions in the world by the capital base and is engaged in a wide range of financial activities from Corporate & Investment Banking, through CALYON (100% Subsidiary) to Retail Banking, Asset under Management and Insurance. Credit Agricole SA has operations in more than 70 countries across the world.