Banking coop. with Africa intensified during Sisi’s chairmanship of AU: CBE

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Sun, 09 Feb 2020 - 10:36 GMT

FILE: CBE

FILE: CBE

CAIRO, Feb 8 (MENA) – Cooperation between Egypt and African countries in the banking sector has witnessed an unprecedented great leap during President Abdel Fattah El Sisi’s chairmanship of the African Union (AU), the Central Bank of Egypt (CBE) said Saturday.

The CBE, in line with the directive of President Sisi, led Egypt's economic convergence and unity with African nations, a CBE source told MENA, citing the establishment of an Egyptian company with a capital of $600 million to guarantee credit for exports to Africa.

Several banking training programs were also provided for different central and commercial banks in cooperation with the CBE in various fields, such as managing the monetary policies, currency reserves, exchange rates and fighting money laundering, the source said.

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