Central Bank of Egypt Launches the Banking Reform and Development Fund, Chaired by the Governor

As part of its ongoing efforts to advance Egypt’s banking sector in line with international best practices, the Central Bank of Egypt (CBE) has officially announced the launch of the Banking Reform and Development Fund and the formation of its Board of Directors (BoD) for a four-year term.

The Board is chaired by H.E. Mr. Hassan Abdalla, Governor of the CBE, and includes a distinguished group of experts representing both banking and non-banking sectors, particularly from financial and information technology backgrounds.

Composition of the Fund’s Board of Directors

The Fund’s BoD consists of eleven members, including:

• Mr. Rami Aboulnaga, Deputy Governor of the CBE for Monetary Policy

• Mr. Tarek ElKholy, Deputy Governor of the CBE for Banking Stability

In addition, five CEOs/Managing Directors of banks, elected by the Federation of Egyptian Banks (FEB), are part of the Board:

• Mr. Mohamed El-Etreby, CEO of the National Bank of Egypt (NBE)

• Mr. Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank (FABMISR)

• Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank

• Mr. Tamer Waheed, Vice Chairman and Managing Director of Arab African International Bank (AAIB)

• Mr. Mohamed Abdelkader, Managing Director of Citibank Egypt

The Board also includes three independent members recognized for their professional expertise:

• Mr. Mohamed Abdallah, CEO of Vodafone Egypt and Vodacom International Markets

• Eng. Hoda Mansour, Managing Director and Vice Chair for Sukari Gold Mines

• Mr. Tarek Abdel-Rahman, CEO of Bonyan for Development and Trade and Managing Partner at Compass Capital

Setting the Fund’s Strategic Direction

The Governor of the CBE, Mr. Hassan Abdalla, chaired the Fund’s inaugural meeting, during which the Board of Directors outlined the Fund’s strategic direction, defined key priorities, and approved its governance framework in alignment with its objectives.

Mr. Abdalla highlighted that the Banking Reform and Development Fund is a cornerstone in the CBE’s broader strategy to enhance the efficiency, infrastructure, and competitiveness of Egypt’s banking system. He emphasized the CBE’s commitment to embracing technological advancement and promoting sound professional practices across the sector.

Supporting Innovation and Technological Advancement

Mr. Abdalla reaffirmed that the CBE aims to leverage expertise from both the banking and non-banking sectors to design and implement a comprehensive strategic vision for Egypt’s financial development.

The Fund will provide both technical and financial support to initiatives and projects designed to:

• Upgrade technological infrastructure

• Safeguard cybersecurity

• Build and strengthen banking sector capacities

All initiatives are designed to align with international best practices and support Egypt’s ongoing digital transformation in the financial sector.

Legal Framework and Core Objectives of the Fund

Established under the Central Bank and Banking Sector Law No. 194 of 2020, the Banking Reform and Development Fund operates as a CBE-affiliated legal independent entity with independent financial statements, and includes all banks as members.

According to its statute, the Fund’s objectives include:

• Strengthening the national payment system infrastructure

• Advancing digital infrastructure and FinTech innovation

• Addressing IT incidents and cyber threats

• Supporting recovery operations and ensuring sector resilience

The Fund also fosters an innovation ecosystem, develops new banking products and services, and enhances operational efficiency across the sector. Additionally, it promotes financial literacy and financial inclusion as key components of Egypt’s sustainable economic development.

Investment and Collaboration Initiatives

To achieve its mission, the Fund is authorized to:

• Establish or invest in joint-stock companies that contribute to its objectives

• Sign cooperation protocols, memoranda of understanding (MoUs), and agreements to exchange knowledge and expertise

• Foster national and international partnerships that enhance the Egyptian banking sector’s global standing

Conclusion

The launch of the Banking Reform and Development Fund marks a significant milestone in Egypt’s financial reform journey. It reflects the Central Bank of Egypt’s commitment to innovation, resilience, and inclusivity, ensuring that the banking system continues to evolve in step with global financial standards.