The Central Bank of Egypt (CBE), in collaboration with the European Union and the German Embassy in Cairo, launched the Strengthening Financial Coverage, Supervision and Supervision of Banks in Egypt program with a funding of 3.2 million Euros in the form of three-year technical assistance to support financial integration efforts and strengthen the banking control system,
During the program announcement conference held today, the Central Bank of Egypt stressed that it puts financial coverage primarily on its priorities and policies and is working to coordinate conditions among different stakeholders at the national level, allowing Egyptians, especially does not receive financial services properly; From saving and achieving their financial aspirations in addition to allowing micro, small and medium enterprises to access finances nsam, investment, growth and create more jobs.,
The program was attended by over 100 participants from government, business, embassy and international development organizations.
Ambassador Surkush, head of the EU delegation in Egypt, expressed his appreciation for the efforts of the Central Bank in the process of achieving economic reforms. He emphasized the specifics of the EU contribution. A unique program of financial inclusion and stability will be implemented.,
Mr. Gamal Najm, Deputy Governor of the Central Bank of Egypt and Mr. Lubna Hilal, in his opening remarks on recent developments in the field of supervision and supervision of banks and financial coverage. ” The Central Bank of Egypt is constantly working to further strengthen the technical capabilities of the control sector. Supervision of banks, as well as management of banks in accordance with international standards and best practices. "
Ms. Lubna Hilal explained the efforts of the Central Bank of Egypt to develop science-based policies by measuring the levels of financial coverage, trends and problems of the Republic. “We were able to collect a large amount of baseline data for the preparation of the first report on the inclusion of financial activities, Read more about how to continue this important work at the local level"He said.
For his part, German Ambassador Julius Georg Louis said that Germany supports a long period of financial inclusion procedures in Egypt and is pleased to see significant improvements for families and companies in receiving financial services, and the executive agency “German Agency for International Cooperation”, the draft states that The central bank of Egypt has become a reference to the policy of reasonable financial coverage in the Arab world and beyond,
At the local level, financial inclusion has become a priority as the Egyptian government embarked on the implementation of the Sustainable Development Strategy: Vision 2030, which focused on strengthening financial outreach and implementing a number of its own initiatives in close coordination with stakeholders. To institutionalize this process, the Central Bank of Egypt (CBE) introduced the Central Financial Integration Board in November 2016 to lead and control the financial integration process, as well as improve coordination and collaboration with stakeholders.,
Reform policies were formulated to encourage financial inclusion in general and women's financial participation in particular. These efforts have led to significant improvements in financial inclusion over the past two years, as shown in the FINEX Index Global Search Released by the World Bank in 2017, which showed an increase in the share of adults with a bank account in Egypt to 33% in 2017, after it was 14% in 2014 and 10% in 2011,
The program will support the efforts of the Central Bank of Egypt to create a comprehensive database at the national level to measure the level of financial coverage through a study of supply and demand, which will cover both the household sector and MSME. The survey will be conducted in 2019 in close coordination with relevant authorities.,
At the level of the supervision and oversight sector of the Central Bank of Egypt, this sector has witnessed reforms over the past decade. He began to adjust the control methodology from compliance with regulatory directives to a risk-based approach. In addition, a banking supervision system was developed, and the Bank implemented Basel II solutions II andIII – In accordance with the schedule issued by the Basel Committee on Banking Supervision. The project will consider the implementation of final amendments to the Basel System. III (Known as the Basel II Framework), it is a process of oversight and banking management that contributes to improving financial stability and increasing transparency and disclosure in the banking sector. In addition, an integrated framework of macro-orientation will be implemented using a range of policy instruments, analysis and coordination Monetary and financial policies, as well as the structure of financial and banking reporting. Thus, a common prudential risk framework will help the Central Bank of Egypt make the Egyptian financial system more reliable and stable.,
The conference was devoted to the current and future reform policies of the Central Bank of Egypt. Representatives of departments dealing with supervision, supervision and financial coverage presented the latest developments and features of relevant reform programs, stressing the importance of cooperation with the European Union and sharing best practices with other countries in the region.,
The program is part of the “Strengthening the Access of Small and Medium-Sized Enterprises to Financial Services” program in Egypt, funded by the Federal Ministry for Economic Cooperation and Development of Germany in order to expand access of these institutions to financial banking services, as well as non-banking financial services such as financial intermediation and insurance for small and medium enterprises,