Political leadership backs switching to digitization: min.

CAIRO - 22 December 2019:The comprehensive and sustainable digital transformation of Egypt enjoys major support by the political leadership, said Finance Minister Mohamed Maait on Sunday.

The digitization and expansion of transition towards electronic financial services have became among the key pillars of the intellectual and investment capital, the minister said while addressing the Fourth Conference of Al Ahram Al Iqtisadi.

The value of the world's digital economy is estimated at $12 trillion, about 15 percent of the global GDP, Maait said.

He added that transition of world economies towards digitization contributes to the increase of the GDP by an average ranging between six and seven percent.

Egypt posses a promising opportunity to expand electronic financial services as well as other aspects of the digital economy, the minister pointed out, noting that 93 percent of the Egyptian people use mobile phones, 49 percent use the internet, 58 percent favor digital mechanisms and 33 percent have bank accounts.