Egypt's central bank Governor Hassan Abdalla on Thursday urged stronger financial and economic cooperation across the Mediterranean, citing $31 billion in regional trade and $3.5 billion in foreign direct investment (FDI) last year as evidence of deepening ties. Opening the 9th Annual Conference of Mediterranean Central Banks in Cairo, Abdalla said Egypt sits "at the heart of the Mediterranean, the meeting point of civilisations, cultures and trades," stressing that regional collaboration is vital at a time of global uncertainty. "Inflationary pressures, supply chain disruptions, rising debt vulnerabilities, and the risks of climate change further complicate the path of stability and sustainable growth." he told delegates from central banks, Banco de España (BdE), OECD, the European Institute of the Mediterranean (IEMed), and the Union for the Mediterranean (UfM). "These realities remind us of the urgent need to strengthen regional cooperation, diversify our economies, and build resilience against against external shocks," Abdalla pointed to opportunities in digitalisation and financial innovation, noting that the Central Bank of Egypt (CBE) has deployed machine learning tools for real-time GDP forecasting and an AI-powered inflation tracker. "We have also developed advanced models to quantify Egypt's informal economy." The CBE is advancing supervisory technology for smarter, data-driven oversight, he added. The governor highlighted Egypt's efforts to promote sustainable finance through green bonds, renewable energy projects, and partnerships. The central bank, he added, has worked with the European Central Bank (CBE), Banque de France, and Banca d'Italia through peer learning programmes. "The Mediterranean has always been a bridge between continents, cultures and people. Today it must also be a bridge for cooperation, innovation, and shared resilience," Abdalla said. "Together we can transform these challenges into opportunities and build a financial system that is more stable, inclusive and sustainable." The conference is co-organised with Banco de España, OECD), IEMed, and UfM. It brings together policymakers and central bankers to discuss financial integration, technology and sustainable growth. It brings together policymakers to address financial integration, digital innovation and sustainable growth across the region. Attribution: Amwal Al Ghad English
