President Abdel Fattah El-Sisi issued Presidential Decree No. 551 for the year 2023 to restructure the Board of Directors of the Central Bank of Egypt.
This came during his speech at the 29th annual meeting of the African export-import bank (Afreximbank) held in the administrative capital in Egypt.
The initiative intends to support industry and agricultural manufacturing by securing loans at a declining 8-percent interest rate.
Amer made his remarks after the parliament's economic committee approved in principle a government bill on a new law of the Central Bank of Egypt and the banking system.
Previously, Capital Economics praised the success of Tarek Amer during his tenure as governor of the central bank, which will end on Nov. 26."His time at the helm of the CBE will be deemed a success."
"His time at the helm of the CBE will be deemed a success," capital Economics stated.
Amer stressed as well the need for providing a supportive environment, through backing entrepreneurs and promoting innovative projects, as well as strengthening the business climate.
This came on the sidelines of the second edition of the FinTech Conference "Seamless North Africa 2019".
Amer stressed that Egypt is in no need of further IMF reform programs, given economic achievements realized by the country.
They reviewed activities of the banking sector and its role in funding investment movement in Egypt, Presidency Spokesman Bassam Radi said.