A few days ago, a number of Egyptian and US investors filed a lawsuit at the State Council’s Administrative Court appealing to the Central Bank of Egypt (CBE)’s refusal to allow them to establish a credit bureau under the name ‘EgyScore’. The lawsuit was filed by lawyer Ibrahim Al-Salamony and is levelled against the Prime Minister, investment Minister and CBE Governor. CBE’s Deputy Governor Gamal Negm stated that the banking market does not need any other credit bureau at the moment. On 22 August 2005, the CBE approved granting the first licence for a credit bureau. In January 2008, the Egyptian credit bureau company I-Score received its operating licence and began operating in March 2008. 25 banks are associated with the company, along with the Social Fund for Development (SFD). According to the lawsuit, Al-Salamony believes allowing only one company to practice this activity constitutes a monopolistic practice; thus, violating all market rules. However, Negm said I-Score is doing well in the field of credit information for individuals and corporations, and it is therefore unlikely that licences would be granted for other companies to work in the same activity during the current period. (The Daily News Egypt)