Egypt's central bank emphasizes expanding bank markets, supporting green economy initiatives

CAIRO - 12 November 2024: Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, underscored the increasing challenges facing the banking sector due to regional pressures.

 

Abdalla highlighted the Central Bank's support for banks in expanding to new markets and attracting investments in both local and foreign currencies.

 

In a speech delivered by Tarek El Khouly, Deputy Governor of the CBE, at the 18th "People and Banks" Conference, Abdalla emphasized the pivotal role of the banking sector in sustainable development. 

 

He noted that banks play a key role in financing green projects and supporting the green economy, aligning with the focus of international organizations such as the World Bank and the IMF on green investment funds to foster sustainable growth, job creation, and financial stability.

 

Abdalla affirmed the CBE’s commitment to helping banks attract domestic and international investments and boost their financial positions while ensuring profitability. 

 

Additionally, the Central Bank actively pursues global developments in sustainable finance, joining international green finance organizations to integrate best practices within Egyptian banks, with a focus on health and education sectors.

 

The CBE also stressed the importance of cybersecurity, given the growing global threat to financial institutions, and called for greater cooperation between public and private financial sectors to support Egypt’s sustainable development goals.