The Central Bank of Egypt (CBE) in cooperation with the European Union (EU), and the German Agency for International Cooperation (GIZ) have successfully concluded the collaborative initiative known as the "Strengthening Financial Inclusion and Banking Supervision in Egypt".

The project was launched in November 2018 with funding of €4.12 million from EU, and the German Ministry for Economic Cooperation and Development, which implemented by the GIZ.

The project provided technical support to the supervisory instructions sector at the CBE to enhance international cooperation mechanisms between the bank and foreign counterparts.

This came within the framework of the CBE’s keenness to enhance cooperation with international and local institutions to support national efforts aimed at achieving a comprehensive financial system.

“Strengthening Financial Inclusion and Banking Supervision in Egypt project reflects the strategic partnership with the EU and GIZ,” First Sub-Governor of CBE, Governor’s Technical Office, May Abulnaga said.

Abulnaga explained that the CBE is keen to enhance financial inclusion, avail access to banking products to all segments of the population from individuals to micro, small and medium enterprises, and support sustainable economic growth.

As of December 2022, the Central Bank of Egypt (CBE) released financial inclusion indicators that showcased a notable surge in rates of financial inclusion between 2016 and 2022. The growth rate reached a remarkable 147%, resulting in a total of 42.3 million citizens having ownership and actively utilizing transactional accounts.