Arab Monetary Fund lends Egypt $615.8 mln to support banking sector

Ahram Online , Sunday 30 Jul 2023

The Arab Monetary Fund (AMF) has lent Egypt $615.8 million to support a reform programme in the country's financial and banking sector, according to a statement by the AMF on Sunday.

AMF headquarters. AMF s Official Website.
AMF headquarters. AMF s Official Website.


The programme aims to enhance the soundness and efficiency of payment systems infrastructure, as well as promote financial inclusion and sustainability.

Additionally, the program aims to bolster supervision and regulation within the financial and banking sector, promote the expansion of fintech, and enhance the protection of consumers of financial services.

New regulations for the use of fintech in the non-banking financial sector have been issued by Egypt's Financial Regulatory Authority (FRA).

Figures released by the Central Bank of Egypt (CBE) indicate a 147 percent improvement in financial inclusion rates in Egypt between 2016 and 2022.

Data released by the CBE shows that Egyptian bank assets surged to nearly EGP 13 trillion ($420.71 billion) during Q1 of 2023, a 14 percent increase from EGP 11.4 trillion recorded at the end of December 2022.

Egypt is aiming to obtain hard currency to bridge an estimated $17 billion financing gap until 2026.

Egypt's external debt increased by 4.8 percent to $165.3 billion in Q3 of FY 2022/23 from $157.8 billion in Q3 of the previous year.

Established in 1976, the AMF aims to reinforce economic, financial, and monetary stability and development processes in the Arab World.

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