The Central Bank of Egypt (CBE) launched in Cairo on Thursday a 3.2 billion-euro programme with the European Union to bolster financial inclusion and banking supervision.
The programme will be in the form of technical assistance for three years to support efforts to promote financial inclusion and strengthen banking monitoring frameworks.
Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs – transactions, payments, savings, credit and insurance – delivered in a responsible and sustainable way.
Representatives from 100 government bodies, business organisations and embassies attended the launching ceremony.
Deputy governors of the CBE Lobna Helal and Gamal Negm were also present at the event.
The Ambassador of the EU in Egypt Ivan Surkos expressed appreciation for efforts exerted by the CBE to achieve economic reforms.
Financial inclusion can contribute to economic growth, financial stability and poverty alleviation, Surkos said.
The EU-funded programme will boost the CBE's efforts in setting up a comprehensive database covering all banking sectors in addition to micro, small and medium-sized enterprises.