Egypt's central bank has launched the Banking Reform and Development Fund and appointed an eleven-member board for a four-year term, in a move aimed at modernising the banking system and aligning it with global standards. The Central Bank of Egypt (CBE) said in a statement on Saturday that the fund will support the development of payment systems, drive financial technology innovation, enhance digital infrastructure, and strengthen resilience against IT and cyber risks. It will also promote financial inclusion and finance projects designed to upgrade the sector's technological capabilities and operational efficiency. CBE Governor Hassan Abdalla will chair the fund's board, which includes deputy governors Rami Aboulnaga and Tarek ElKholy, as well as five bank executives elected by the Federation of Egyptian Banks (FEB) — Mohamed El-Etreby of National Bank of Egypt (NBE), Mohamed Abbas Fayed of First Abu Dhabi Bank Egypt, Akef El-Maghraby of Suez Canal Bank, Tamer Waheed of Arab African International Bank (AAIB), and Mohamed Abdelkader of Citibank Egypt. Independent members include Mohamed Abdallah, CEO of Vodafone Egypt; Hoda Mansour, Managing Director and Vice Chair of Sukari Gold Mines; and Tarek Abdel-Rahman, CEO of Bonyan for Development and Trade. At the fund's inaugural meeting, Abdalla said the initiative represented a key step in the CBE's strategy to strengthen efficiency, infrastructure, and competitiveness in Egypt's banking sector. The board also approved a governance framework and outlined priorities focused on digital transformation, cybersecurity, and capacity building. Created under the Central Bank and Banking Sector Law No. 194 of 2020, the fund operates as an independent legal entity affiliated with the CBE. It is authorised to establish or invest in joint-stock companies and to cooperate with domestic and international partners to fulfil its mandate. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
