CAIRO – 23 November 2018: The Central Bank of Egypt (CBE) launched the program "Strengthening Financial Coverage, Censorship and Supervision of Banks in Egypt" with funding of €3.2 million as a technical assistance for three years.
The launch of the program came in cooperation with the European Union and the German Embassy in Cairo.
CBE added in a statement that this fund aims to support the efforts of financial inclusion, and strengthen the regulatory framework of banking.
In a conference to launch the program, CBE affirmed that financial inclusion comes at the top of its priorities and that it works with all concerned parties in Egypt to enable Egyptians to save safely and achieve their financial aspirations.
Financial inclusion also works on enabling small and medium enterprises to get funding, investments and growth, besides providing more job opportunities.
The program will support the efforts of the Central Bank to establish a comprehensive database at the national level to measure levels of financial inclusion, the statement read.
This project will also address the implementation of the final amendments to the Basel III framework, the supervisory review process and the governance of banks, which will contribute to improving financial stability, as well as enhancing transparency and disclosure in the banking sector.
A comprehensive macro-risk framework will also be implemented with a set of policy and analysis tools, and in full coordination between the overall prudent policy and monetary and fiscal policies within a framework for financial and banking reporting. Thus, the overall prudential risk framework will help the central bank make the Egyptian financial system more powerful and stable.
The program is part of "Enhancing the Access of Small and Medium Enterprises to Financial Services" program in Egypt, funded by the German Federal Ministry for Economic Cooperation and Development. It aims to enhance the access of these institutions to financial banking services and non-bank financial services.
Non-banking services include financial intermediation, finance leasing, equity financing, and SME insurance.