DOCSLIB.ORG

Banque Du Caire of Egypt: a State-Owned Retail Bank

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Banque Du Caire of Egypt: a State-Owned Retail Bank BANQUE DU CAIRE OF EGYPT: A STATE-OWNED RETAIL BANK CASE STUDY USAID AMAP FINANCIAL SERVICES KNOWLEDGE GENERATION— STATE-OWNED RETAIL BANKS IN RURAL AND MICROFINANCE MARKETS microREPORT #59 FEBRUARY 2006 This publication was produced for review by the United States Agency for International Development. It was prepared by DAI. BANQUE DU CAIRE OF EGYPT: STATE-OWNED RETAIL BANK CASE STUDY USAID AMAP FINANCIAL SERVICES KNOWLEDGE GENERATION— STATE-OWNED RETAIL BANKS IN RURAL AND MICROFINANCE MARKETS microREPORT #59 The authors’ views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development or the United States Government. TABLE OF CONTENTS EXECUTIVE SUMMARY IX I. INTRODUCTION AND OVERVIEW 1 II. ENVIRONMENT/CONTEXT 3 OVERVIEW OF EGYPT....................................................................................................3 Geography and Demographics ..................................................................................3 Recent History and the Political Environment ..........................................................4 Economy....................................................................................................................4 FINANCIAL SECTOR .......................................................................................................5 Legal and Regulatory Framework .............................................................................6 MICROFINANCE SECTOR ..............................................................................................6 Demand—Microenterprises.......................................................................................7 Supply—Microfinance Providers ..............................................................................7 Supporting Institutions ..............................................................................................8 III. INSTITUTION 11 OVERVIEW OF BANQUE DU CAIRE ..........................................................................11 History .....................................................................................................................11 Governance & Management Structure ....................................................................11 BdC Performance ....................................................................................................12 MICROFINANCE STRATEGY.......................................................................................13 MICROFINANCE ORGANIZATIONAL STRUCTURE................................................16 Microfinance Department........................................................................................16 Points of Service......................................................................................................17 Decentralization.......................................................................................................19 MICROFINANCE OPERATIONS...................................................................................19 Products and services...............................................................................................19 Policies and Procedures...........................................................................................22 Marketing, Product Development, and Planning.....................................................24 Controls and Audit...................................................................................................24 Human Resources....................................................................................................27 Fostering Cultural Change.......................................................................................29 MICROFINANCE PERFORMANCE ..............................................................................30 Growth and Outreach...............................................................................................30 Financial Performance.............................................................................................32 Portfolio Quality......................................................................................................38 Efficiency ................................................................................................................42 THE MERGER WITH BANQUE MISR..........................................................................43 Microfinance at Banque Misr ..................................................................................43 Implications of Merger ............................................................................................43 TABLE OF CONTENTS iii 4. LESSONS AND CONCLUSIONS 47 KEY QUESTIONS............................................................................................................47 What Market Factors Justify SORB Downscaling? ................................................47 What Level of Government Commitment Is Required?..........................................49 What Characteristics And Internal Capacities Should A SORB Demonstrate To Have A Successful Microfinance Focus?...........................................................50 How Important Is Long-Term Technical Assistance?.............................................52 ANNEX A: REFERENCES 53 ANNEX B: RESOURCE PERSONS 57 ANNEX C: ADJUSTMENT CALCUATIONS 59 ANNEX D: EGYPTIAN BANKING AND MICROFINANCE SECTOR 63 iv BANQUE DU CAIRE OF EGYPT: A STATE-OWNED RETAIL BANK CASE STUDY LIST OF TABLES AND FIGURES Table 1 Summary Statistics—BdC Microfinance ............................................................................x 2 Strategic Framework for SORBs.........................................................................................1 3 Egyptian Economic Indicators ............................................................................................5 4 Commercial Banks Involved with Microfinance ................................................................7 5 Performance of USAID/Egypt Partners ..............................................................................8 6 BdC Financial Performance Indicators .............................................................................13 7 Evolution of Microfinance at BdC ....................................................................................14 8 Growth Rates.....................................................................................................................17 9 Loan Product Description..................................................................................................20 10 Loan Sizes.........................................................................................................................21 11 Control Functions..............................................................................................................24 12 Microcredit Incentive System ...........................................................................................29 13 Loan Size and Growth.......................................................................................................31 14 Comparative Outstanding Loan Sizes...............................................................................32 15 BdC Microfinance Profit and Loss Statement...................................................................33 16 Comparison of Microfinance and Consolidated Bank Performance .................................34 17 Adjusted Profit and Loss Statement ..................................................................................36 18 Comparison of Key Profitability Ratios............................................................................38 19 Portfolio at Risk > 30 Days Comparison for 2004............................................................39 20 Non-Performing Loans > 30 days .....................................................................................40 21 Portfolio Report.................................................................................................................41 22 Portfolio Aging report .......................................................................................................41 23 Operating Expense Ratio in 2004......................................................................................42 24 Efficiency Ratios for BDC Microfinance..........................................................................42 ACRONYMS AND ABBREVIATIONS v Figure 1 Map of Egypt.......................................................................................................................3 2 Banque du Caire Organizational Structure........................................................................12 3 Microfinance Department Structure in 2005.....................................................................17 4 Branch Structure—Microfinance......................................................................................18 5 Microfinance Systems at Branch Level.............................................................................26 6 Client and Portfolio Growth ..............................................................................................31 7 Historical Portfolio at Risk................................................................................................39 vi BANQUE DU CAIRE OF EGYPT: A STATE-OWNED RETAIL BANK CASE STUDY ACRONYMS AND ABBREVIATIONS ABA Alexandria Business Association ACSI Amhara Credit and Savings Institution AMAP Accelerated Microenterprise
Load more

Recommended publications
  • Arab Republic of Egypt
    Egypt Country Profile ARAB REPUBLIC OF EGYPT OFFICE OF COMMERCIAL AFFAIRS, ROYAL THAI EMBASSY, CAIRO THAI TRADE CENTER 1 Thai Trade Center, Cairo ٍ Sherif Yehya Egypt Country Profile Background: The regularity and richness of the annual Nile River flood, coupled with semi-isolation provided by deserts to the east and west, allowed for the development of one of the world's great civilizations. A unified kingdom arose circa 3200 B.C., and a series of dynasties ruled in Egypt for the next three millennia. The last native dynasty fell to the Persians in 341 B.C., who in turn were replaced by the Greeks, Romans, and Byzantines. It was the Arabs who introduced Islam and the Arabic language in the 7th century and who ruled for the next six centuries. A local military caste, the Mamluks took control about 1250 and continued to govern after the conquest of Egypt by the Ottoman Turks in 1517. Following the completion of the Suez Canal in 1869, Egypt became an important world transportation hub, but also fell heavily into debt. Ostensibly to protect its investments, Britain seized control of Egypt's government in 1882, but nominal allegiance to the Ottoman Empire continued until 1914. Partially independent from the UK in 1922, Egypt acquired full sovereignty with the overthrow of the British- backed monarchy in 1952. The completion of the Aswan High Dam in 1971 and the resultant Lake Nasser have altered the time-honored place of the Nile River in the agriculture and ecology of Egypt. A rapidly growing population (the largest in the Arab world), limited arable land, and dependence on the Nile all continue to overtax resources and stress society.
    [Show full text]
  • Banque Misr Selects Atos to Build Egypt's First Digital Bank
    Press release Banque Misr selects Atos to build Egypt’s first digital bank Cairo, Egypt – February 24, 2021 – Atos has been selected by Banque Misr, one of the largest banks in Egypt, to support its transformational journey to become the country’s first digital bank. Atos will deliver a trusted digital banking experience to customers, supporting the ambition of Banque Misr to appeal to a broad demographic, while enhancing its suite of international transactions services. The contract will involve harnessing best-of-breed technologies from a variety of leading vendors to deliver a technology stack incorporating key digital banking elements such as digital customer platforms and channels, support systems, enterprise integration and data handling - all underpinned by a robust cybersecurity solution. Atos was selected for its global financial services transformation and banking reinvention expertise, underlining its suitability in establishing a greenfield digital bank for Banque Misr. The contract will see Atos utilize its technology orchestration prowess and capabilities in operating hybrid and multi-technology application platforms to deliver what is a landmark digital transformation for Egyptian financial services. Mr. Sherif Elbehery Misr Digital Innovation CEO: “With the appointment of Atos we can move forward with renewed confidence in our transformation journey as we deliver Egypt’s first digital bank. This launch will offer a trusted digital banking experience that better suits the modern requirements of customers and which we expect will benefit the wider economy, acting as a catalyst for renewed growth and investment across the country. We look forward to supporting our customers in the transition to digital banking.” Ahmad Elharany, Head of Egypt, Atos: “We are pleased to have been selected for this pivotal role in the transformation of Banque Misr.
    [Show full text]
  • Ict Policy Review: National E-Commerce Strategy for Egypt United Nations Conference on Trade and Development
    UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT ICT POLICY REVIEW: NATIONAL E-COMMERCE STRATEGY FOR EGYPT UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT ICT POLICY REVIEW: NATIONAL E-COMMERCE STRATEGY FOR EGYPT New York and Geneva 2017 ii ICT POLICY REVIEW: NATIONAL E-COMMERCE STRATEGY FOR EGYPT © 2017, United Nations This work is available open access by complying with the Creative Commons licence created for intergovernmental organizations, available at http://creativecommons.org/licenses/by/3.0/igo/. The findings, interpretations and conclusions expressed herein are those of the authors and do not necessarily reflect the views of the United Nations or its officials or Member States. The designation employed and the presentation of material on any map in this work do not imply the expression of any opinion whatsoever on the part of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. Mention of any firm or licensed process does not imply the endorsement of the United Nations. Photocopies and reproductions of excerpts are allowed with proper credits. This publication has been edited externally. United Nations publication issued by the United Nations Conference on Trade and Development. UNCTAD/DTL/STICT/2017/3 NOTE iii NOTE Within the Division on Technology and Logistics of UNCTAD, the ICT Policy Section carries out policy-oriented analytical work on the development implications of information and communications technologies (ICTs) and the digital economy, and is responsible for the biennial production of the Information Economy Report. The ICT Policy Section, among other things, promotes international dialogue on issues related to ICTs for development, such as e-commerce and entrepreneurship in the technology sector, and contributes to building developing countries’ capacities to design and implement relevant policies and programmes in these areas.
    [Show full text]
  • Mr. Mahmoud Mohamed Ali 4 El Tayaran St., Nasr City, Cairo Tel: (20-2) 401-2692/21/22/23/24 Fax: (20-2) 401-6681
    1 of 143 U.S. Department of State FY 2001 Country Commercial Guide: Egypt The Country Commercial Guide for Egypt was prepared by U.S. Embassy Cairo released by the Bureau of Economic and Business in July 2000 for Fiscal Year 2001. International Copyright, U.S. & Foreign Commercial Service and the U.S. Department of State, 2000. All rights reserved outside the United States. TABLE OF CONTENTS CHAPTER I. EXECUTIVE SUMMARY 5 CHAPTER II. ECONOMIC TRENDS AND OUTLOOK 8 -Major Trends and Outlook -Principal Growth Sectors -Key Economic Trends and Issues -Economic Cooperation -Nature of Political Relationship with the U.S. -Major Political Issues Affecting Business Climate CHAPTER III. MARKETING U.S. PRODUCTS & SERVICES 17 -Distribution and Sales Channels -Use of Agents and Distributors - Finding a Partner -Franchising -Direct Marketing -Foreign Sales Corporation (FSC) -Joint Ventures/Licensing -Organization Structure and Management in Egypt -Steps to Establishing an Office -Selling Factors/Techniques -Advertising and Trade Promotion (and Selected Media List) -Pricing Products -Sales Service/Customer Support 2 of 143 -Selling to the Government -Tenders Law -Defense Trade -Protecting your Product from IPR Infringement (see Chapter VII) -Financing U.S. Agricultural Sales -Selling Through USAID Program CHAPTER IV. LEADING SECTORS FOR U.S. EXPORTS & INVESTMENT 41 -Best Prospects For Non-Agricultural Goods And Services -Best Prospects for Agricultural Products -Significant Investment Opportunities CHAPTER V. TRADE REGULATIONS, CUSTOMS, AND STANDARDS 55 -Trade Barriers (Including Tariff And Non-Tariff Barriers) and Tariff Rates -Import Taxes -Representative Listing of Commercial Legislation In Egypt -Customs Regulations -Import Licenses Requirements -Temporary Goods Entry Requirements -Special Import/Export Requirements And Certifications -Ministerial Decree 619 of 1998 - Certificate of Origin -Labeling Requirements -Prohibited Imports -Export Controls -Standards -Free Trade Zones/Warehouses -Membership in Free Trade Arrangements -Customs Contact Information CHAPTER VI.
    [Show full text]
  • National Bank of Egypt New York Branch
    National Bank of Egypt New York Branch National Bank of Egypt Resolution Plan Section 1: Public Section December 2013 National Bank of Egypt New York Branch National Bank of Egypt Resolution Plan December 2013 Table of contents 1. Section 1 : Public section 1 Introduction 1 2. Summary of resolution plan The names of material entities 2 Description of core business lines 3 Summary of financial information 3 Description of derivatives and hedging activities 5 Membership in material payment, clearing and settlement systems 6 Description of foreign operations 6 Material supervisory authorities 8 Principle officers 9 Corporate governance structure for resolution planning and related processes 9 Description of material management information systems 10 High-level description of resolution strategy 10 National Bank of Egypt Resolution Plan 2013, Public Section National Bank of Egypt (“NBE”) New York Branch Resolution Plan Section 1: Public Section Introduction This is the public section of the plan for resolution (“Resolution Plan”) prepared by the National Bank of Egypt and required pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and regulations of the Federal Deposit Insurance Corporation ("FDIC") and the Board of Governors of the Federal Reserve System (the "Federal Reserve"). The initial Resolution Plan of the National Bank of Egypt is due on December 31, 2013, with annual updates thereafter. The FDIC and the Federal Reserve have each, by rule and through the supervisory process, prescribed the assumptions, required approach and scope for these resolution plans, and have required that certain information be included in a public section of the resolution plans.
    [Show full text]
  • Recipient Country Status for Egypt: Political and Economic Assessments
    PUBLIC DOCUMENT OF THE EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT RECIPIENT COUNTRY STATUS FOR EGYPT: POLITICAL AND ECONOMIC ASSESSMENTS PUBLIC PUBLIC Explanatory Note: Egypt is a founding Member of the EBRD and in 2010 during the Annual Meeting of the EBRD Board of Governors in Zagreb indicated its interest to become a recipient country of the EBRD. For Egypt to become a recipient country it was first necessary to amend Article 1 of the Agreement Establishing the Bank to allow for the geographical extension of the Bank’s operations to the member countries of the Southern and Eastern Mediterranean (SEMED). The report of the Board of Directors to the Board of Governors on the process of extension (BDS11-187 (Final)) and the related Resolutions Nos. 137, 138 and 139 of the Board of Governors, envisioned a three-phased approach to the geographical extension of the Bank’s operations to the member countries of SEMED. • Phase I : In the initial phase of engagement the Bank was authorised to carry out technical cooperation and other similar non-investment activities with the use of cooperation funds. The EBRD Board of Directors approved the commencement of the first phase of activities in Egypt on 11 October 2011. • Phase II : In the second phase of engagement the Bank was authorised to carry out investment activities in Egypt drawing on the Investment Special Fund for SEMED countries. This required first the entry into force of the amended Article 18 of the Agreement Establishing the EBRD (on 22 August 2012) and adoption by the Board of Governors of a Resolution granting Potential Recipient Country status to Egypt (on 26 November 2012, extended on 11 November 2014).
    [Show full text]
  • World Bank Document
    69450 Public Disclosure Authorized The Role of Postal Networks in Expanding Access to Financial Services Country Case: Egypt’s Postal Finance Services Public Disclosure Authorized The World Bank Group Global Information and Communication Technology Postbank Advisory, ING Bank Postal Policy Public Disclosure Authorized Public Disclosure Authorized Author’s Note This paper discusses the role of the postal network in expanding access to financial services in Egypt. It reviews the public postal operator within the postal sector and within the broader context of the communications sector. The roles of the postal network and state and privately-owned banks are also reviewed from the perspective of the financial sector development, with particular focus on payments systems development and microfinance. This paper was prepared with desk research in 2004. Field visits were not scheduled. While this country case on Egypt can stand alone, it is an integral part of this large study of the potential of postal networks to coordinate with financial service providers in 7 countries (Egypt, Kazahkstan, Namibia, Romania, Sri Lanka, Uganda, and Vietnam) and 5 regions (Africa, Asia, Eastern Europe and Central Asia, Latin America and the Caribbean, and the Middle East and Northern Africa). Glossary of Abbreviations and Acronyms ATM automated teller machine BdC Banque du Caire CIDA Canadian International Development Agency EFT POS electronic fund transfer at point of sale EGP Egyptian pound ENPO Egypt national post office FFI formal financial institution GDP
    [Show full text]
  • Egypt State of Environment Report 2008
    Egypt State of Environment Report Egypt State of Environment Report 2008 1 Egypt State of Environment Report 2 Egypt State of Environment Report Acknowledgment I would like to extend my thanks and appreciation to all who contributed in producing this report whether from the Ministry,s staff, other ministries, institutions or experts who contributed to the preparation of various parts of this report as well as their distinguished efforts to finalize it. Particular thanks go to Prof. Dr Mustafa Kamal Tolba, president of the International Center for Environment and Development; Whom EEAA Board of Directors is honored with his membership; as well as for his valuable recommendations and supervision in the development of this report . May God be our Guide,,, Minister of State for Environmental Affairs Eng. Maged George Elias 7 Egypt State of Environment Report 8 Egypt State of Environment Report Foreword It gives me great pleasure to foreword State of Environment Report -2008 of the Arab Republic of Egypt, which is issued for the fifth year successively as a significant step of the political environmental commitment of Government of Egypt “GoE”. This comes in the framework of law no.4 /1994 on Environment and its amendment law no.9/2009, which stipulates in its Chapter Two on developing an annual State of Environment Report to be submitted to the president of the Republic and the Cabinet with a copy lodged in the People’s Assembly ; as well as keenness of Egypt’s political leadership to integrate environmental dimension in all fields to achieve sustainable development , which springs from its belief that protecting the environment has become a necessary requirement to protect People’s health and increased production through the optimum utilization of resources .
    [Show full text]
  • PID) APPRAISAL STAGE Report No.: AB2097 Operation Name EG- FINANCIAL SECTOR REFORM Region MIDDLE EAST and NORTH AFRICA
    PROGRAM INFORMATION DOCUMENT (PID) APPRAISAL STAGE Report No.: AB2097 Operation Name EG- FINANCIAL SECTOR REFORM Region MIDDLE EAST AND NORTH AFRICA Public Disclosure Authorized Sector Banking (85%) and Insurance (15%) Project ID P088877 Borrower(s) GOVERNMENT OF EGYPT Implementing Agency Ministry of Investment and Central Bank of Egypt Date PID Prepared January 12, 2006 Date of Appraisal March 15, 2006 Authorization Date of Board Approval June 15, 2006 1. Country and Sector Background 1. The financial sector in Egypt has been, over the past decade and a half, the subject of Public Disclosure Authorized reform efforts mainly aimed at financial liberalization to develop more effective financial instruments, strengthen the financial system’s infrastructure, and enhance competitiveness through increased private sector participation. Egypt, as a result, has modernized its financial system in a measurable way, and provided increased autonomy and power to the monetary and regulatory authorities. In particular, the government 1991 Economic Reform and Structural Adjustment Program (ERSAP) – supported by a World Bank adjustment operation – was designed to achieve macroeconomic stability of which an integral part was financial sector reform. That reform program foresaw two phases. The first focused on developing more effective monetary and financial instruments to control liquidity, and liberalizing interest rates and credit. The second phase focused on increasing competitiveness in the financial market by enhancing private participation in commercial banking, securities, and insurance. The objectives of the first phase were by and large met, while phase two of the program did not extend beyond Public Disclosure Authorized the establishment of a legal framework for bank privatization, as the sale of joint-venture or state-owned commercial banks were thought by the government to be premature given concerns for lack of public support.
    [Show full text]
  • Credit Cards (VISA & Mastercard)
    Banque Misr payment cards Fees , Limits and commission. Credit Cards (VISA & MasterCard) Dear Customer, Kindly find the below card Fees, usage limits, commission and interest rates for Banque Misr payment cards. 1-Fees and charges Islamic Platinum Islamic Gold- BM Islamic Titanium Platinum World EL ARABY- Card Type Classic Gold Business Corporate Titanium BM/Egypt World Classic / Egypt Gold Elite ASATHA Post Post Card validity 3 years 2 years 1 year 3 years 400 EGP 300 EGP 150 EGP Issuance fees 150 200 EGP included I- 250 EGP included I- included I- included I- 2,000 (ASATHA) for the first 150 EGP 200 EGP 150 EGP 200 EGP 1,500 EGP EGP SCORE fees SCORE fees SCORE SCORE EGP 100 EGP (EL year fees fees ARABY) 75 2,000 EGP(ASATHA) Renewal fees 75 EGP 75 EGP 100 EGP 100 EGP 100 EGP 150 EGP 150 EGP 300 EGP 200 EGP 1,500 EGP EGP 50 EGP (EL ARABY) Free with a Free with a maximum maximum Issuance and Free with a maximum of 3 of 4 cards of 4 cards renewal of the Exempted with a maximum 2 cards and 75 EGP 75 EGP N/A cards and 150 EGP for and 300 and 100 Free 50 EGP Supplementary 100 EGP for more than 2 cards more than 3 cards EGP for EGP for cards more than more than 4 cards 4 cards Reissuance of a replacement for 75 EGP Free Free 75 EGP lost/damaged cards 1- Usage Limits inside and abroad : Gold Platinum EL Islamic Gold Islamic Islamic Platinum Card Type Classic BM/Egypt Business Corporate Titanium BM/Egypt World World Elite ARABY- Classic Gold Titanium Post Post ASATHA Purchases Inside Egypt Within the credit card limit Purchases Abroad Daily limit
    [Show full text]
  • Development and Restructuring of the Saudi Banking System
    Development and restructuring of the Saudi banking system Saudi Arabian Monetary Agency Early history of banking development and bank restructuring The early years The emergence of Saudi Arabia as a modern day unified state has been a development of recent origin. The consolidation of the state apparatus over a large country with a small population dispersed in far-flung pockets and the laying down of the country’s physical and fiscal infra- structure on the most efficient and modern lines in a relatively short span of time has been a remarkable achievement. The simultaneous development of the legal and institutional framework of finance and commerce in a span of about four decades has been a no less onerous exercise. The basic framework was laid some time back and in recent decades the institutional framework has evolved to support the development of a modern economy. In the early part of this century a few foreign based trading houses (including a trading arm of Algemene Bank Nederland) and money changers provided most of the finance related services to meet the needs of the trading community and pilgrims who were the major sources of finance in the economy. With the discovery of oil in 1939, the inflow of royalty revenue into government coffers started and following the Second World War, there was a surge in oil demand and production. Government revenues and expenditures rose rapidly and foreign banks started entering the market. The French Banque de L’Indochine and Arab Bank opened branches in Jeddah in 1948; followed in 1950 by the British Bank of Middle East, National Bank of Pakistan and Bank Misr of Egypt.
    [Show full text]
  • 2007-2011-Egypt-Country Strategy Paper
    AFRICAN DEVELOPMENT BANK ARAB REPUBLIC OF EGYPT 2007-2011 COUNTRY STRATEGY PAPER NB : This document contains errata or corrigenda (see Annexes) REGIONAL DEPARTMENT NORTH I (ORNA) JANUARY 2007 TABLE OF CONTENTS I. INTRODUCTION ...............................................................................................................1 II. COUNTRY CONTEXT.......................................................................................................2 2.1 Political Context.......................................................................................................2 2.2 Macroeconomic and Structural Context Issues........................................................2 2.3 Sectoral Context Issues............................................................................................6 2.4 Priority Cross-cutting Issues....................................................................................9 2.5 Poverty and Social Context Issues.........................................................................14 2.6 Medium Term Economic Outlook and External Environment Challenges..............................................................................................................17 2.7 Private Sector Business Climate and Issues...........................................................18 III. NATIONAL DEVELOPMENT AGENDA AND MEDIUM TERM PROSPECTS......................................................................................................................19 3.1 Key Elements of the Government’s Development
    [Show full text]