Fawry targets 50% growth rate in its business in Egypt during 2016

Fawry Company for e-payment targets a growth rate between 35% and 50% in 2016.

The company aims to launch a new product, which will provide e-payment services for small traders during the second half (H2) of 2016.

The Egyptian market is full of investment potential, promising to attract foreign direct investments (FDI), according to Fawry CEO Ashraf Sabry.

The investment potential is supported by the large Egyptian population, at 90 million people, which creates a need for several services and products, as well as the government’s investment plan to establish large-scale projects, such as Suez Canal Area Development.

Sabry said Egypt is currently living in a relatively stable phase on different levels, which gives investors a positive signal for investing in the Egyptian market. Egypt is in need of investments after four years of recession in pumping investments, he said. He pointed to a $40bn to $50bn deficit in the trade balance, which creates an investment opportunity in manufacturing and exporting.