Arab Finance: The Central Bank of Egypt (CBE) has announced the establishment of the Banking Reform and Development Fund and the formation of its board of directors for a four-year term, as per a statement.

This comes as part of the CBE's ongoing efforts to modernize Egypt’s banking system in line with international best practices.

CBE Governor Hassan Abdalla chairs the fund and brings together a group of prominent banking and non-banking professionals from the financial and technology sectors.

Its 11-member board includes the CBE's Deputy Governor for Monetary Policy Rami Aboulnaga and Deputy Governor for Banking Stability Tarek ElKholy.

Five members representing Egypt’s banking community were elected by the Federation of Egyptian Banks (FEB): Mohamed El Etreby, CEO of the National Bank of Egypt (NBE), Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank Misr (FABMISR), Akef El Maghraby, CEO and Managing Director of Suez Canal Bank, Tamer Waheed, Vice Chairman and Managing Director of the Arab African International Bank (AAIB), and Mohamed Abdelkader, Managing Director of Citibank Egypt.

The board also features three independent members from outside the banking sector: Mohamed Abdallah, CEO of Vodafone Egypt and Vodacom International Markets, Hoda Mansour, Managing Director and Vice Chair of Sukari Gold Mines, and Tarek Abdel-Rahman, CEO of Bonyan for Development and Trade and Managing Partner at Compass Capital.

Abdalla noted that the CBE seeks to draw on diverse expertise from both banking and non-banking sectors to develop a comprehensive strategic vision for advancing the national banking system.

This includes providing financial and technical support to projects that bolster technological infrastructure, cybersecurity resilience, and human capital development.

Established under Law No. 194 of 2020, the fund operates as an independent legal entity affiliated with the CBE, encompassing all Egyptian banks within its membership.

Its mandate covers enhancing shared infrastructure for national payment systems, advancing digital and financial technology capabilities, supporting responses to cyber incidents, fostering innovation, and improving banking products and services.

The fund also aims to promote financial literacy and inclusion across Egypt.

It has the authority to establish or invest in joint-stock companies and to enter cooperation agreements with local and international organizations to exchange expertise and support its developmental objectives.

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