Medhat Hassanein

Medhat Hassanein

Professor of Finance and Banking, Department of Management, School of Business at the American University in Cairo, Egypt. 

Dr. Medhat Hassanein was the Minister of Finance in Egypt (1999- 2004). Dr. Hassanein is the Chairman of the Board of Directors of Civil Aviation Finance Holding Company (CIAF Holding) since 2008. Professor Medhat Hassanein is a board member of the Board of Directors and member of the Audit Committee of Commercial International Bank (CIB) since 2009. He was a board member and Chairman of the Audit Committee of HSBC Egypt (2004-2009).

Professor Hassanein obtained his BA in Economics from Cairo University (with Honors). Dr. Hassanein hold an MBA from the Graduate School of Business (became later the Stern College), New York University (with Distinction) and a Ph.D. from Wharton School, University of Pennsylvania, USA.

Dr. Hassanein was the senior economist of the Projects Department of the Arab Fund for Economic and Social Development in Kuwait; a regional development fund operates according to the rules of the World Bank and services all developing Arab countries. During his term with the Fund he participated as the senior economist in the financing of infrastructural, agro-industrial, industrial and agricultural projects. Thereafter, he was promoted to lead the Funds Technical Assistance Department.

Few years later, Dr. Hassanein joined the Arab Investment Bank in Egypt as the head of the Investment Sector in charge of projects finance, assets management and private equity transactions of the bank. After his service with the Arab Investment Bank he was offered to be the president of the Egyptian Gulf Bank in Egypt (commercial bank), where he was the CEO of the bank in charge of all banks operations.

Professor Hassanein is a senior policy analyst with long experience in institutional building, macro-policy analysis, financial economics, corporate finance, international financial management. He has previously served as advisor to government, high-level advisory bodies and the donor community.

During his term as Minister of Finance, he has developed and instituted the second-generation set of fiscal public policy reforms for the Government of Egypt. These included, inter alia, tax, customs reforms, reviewing the procurement system in government, revising the pensions system (pay-as-you-go versus fully-funded systems) together with the investment policy of social insurance funds, introducing public expenditure reviews and performance-based budgeting, building design and policies for the formalization of extra-legal entities, securing international and local funding packages for the appraisal and implementation of national projects, developing a program for the corporatization of public economic authorities, setting a program for the management of government cash flow, and effectivizing the public debt-management function through introducing Egypts debut Eurobond issue in international financial markets, the primary dealers system and national debt equity swaps.

Minister Hassanein supervised too the transformation of Egypt sales tax to a full value added tax. The value added tax law was ratified by the Egyptian parliament in 2002/2003. In order to successfully ensure the right application of the law, he composed a team of professionals assigned the tasks of building the VAT system with an IT support and an extensive training program for Ministry of Finance VAT Department Staff. The VAT Department is always looked at as a leading government apparatus in Egypt and the Middle East. The Model Tax and Customs Center is another activity implemented by Minister Hassanein during his term. This Center for the first time in the history of Egypts tax system housed in one building the three revenue generating departments represented by leading units from each i.e. Income Tax Authority, Sales Tax authority and Customer Authority. The purpose of this physical coexistence is to coordinate operational systems of the three authorities in order to facilitate the investigation of taxes and customs files of tax payers, the right calculation of the taxes due and to unify the arbitration process. This Center has gained the reputation of being fair, efficient and receptive to improvement.

He authored numerous articles and government reports on topical issues in economics, fiscal and monetary policy, finance and banking, macroeconomic reforms, privatization, capital markets and the extra-legal economy in Egypt.

Professor Hassanein was a member of the High Level Commission on the Legal Empowerment of the Poor, a UN organ. He was selected among commissioners to be the chairman of Group 4 (one among five groups) which is entrusted with the study of Entrepreneurship: Expanding Opportunities for Legally Establishing Business and Fostering Innovative Financial Instruments and Institutions for the Transition from Informal to Formal Business. The Commission concluded its tasks by publishing the report Making the Law Work for Everyone.

Professor Hassanein holds membership in many local and international professional associations. He has served as Chairman and Board Member of banks (investment, commercial and development), public holding companies and private corporations.

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