Central Bank of Egypt launches Banking Reform and Development Fund and appoints four-year board chaired by Governor Hassan Abdalla

The Central Bank of Egypt (CBE) announced the launch of the Banking Reform and Development Fund and the formation of its Board of Directors for a four-year term. The Fund is intended to provide technical and financial support for initiatives to upgrade banking technology infrastructure, strengthen cybersecurity, and build sector staff capabilities. Established under the Central Bank and Banking Sector Law No. 194 of 2020, the Fund operates as a CBE-affiliated, legally independent entity with independent financial statements, and includes all banks as members. The 11-member board is chaired by CBE Governor Hassan Abdalla and includes CBE Deputy Governors Rami Aboulnaga (Monetary Stability) and Tarek ElKholy (Banking Stability), five bank CEOs/Managing Directors elected by the Federation of Egyptian Banks (National Bank of Egypt, FABMISR, Suez Canal Bank, Arab African International Bank, and Citibank Egypt), and three independent members from Vodafone Egypt/Vodacom International Markets, Sukari Gold Mines, and Compass Capital/Bonyan. At its inaugural meeting, the board set the Fund’s strategic direction and priorities and approved its governance framework; the Fund’s mandate spans national payment system infrastructure, digital infrastructure and FinTech innovation, responses to IT incidents and cyber threats (including recovery operations), development of products and services and operational efficiency, and support for financial literacy and financial inclusion, with authority to establish or invest in joint-stock companies and to enter domestic and international cooperation agreements.