The joint technical assistance project “Strengthening Financial Inclusion and Banking Supervision in Egypt” has been completed by the Central Bank of Egypt (CBE), the European Union (EU), and the German Agency for International Cooperation (GIZ). The project, which started in Cairo in November 2018, received €4.12m in funding from the EU and the German Ministry for Economic Cooperation and Development (BMZ) and was implemented by GIZ.
Christian Berger, Head of the EU Delegation to Egypt, stated that the project has been vital to the EU’s efforts to support economic development and social progress in Egypt. Through this project, they have worked closely with their partners to create a more inclusive financial system that can better serve the needs of all Egyptians, including women and underserved populations. The project has also helped to strengthen banking regulations and supervision, which are crucial for maintaining financial stability and promoting sustainable growth. He added that they are proud to have been part of this important initiative and look forward to building on these achievements in their future cooperation with Egypt.
One of the most critical achievements of the project is the publication of the financial inclusion indicators by the CBE as of December 2022, which showed a significant increase in economic inclusion rates during the period from 2016 to 2022, at a growth rate of 147%, bringing the total ownership and usage of transactional accounts to 42.3 million citizens, which represent 64.8% of the full 65.4 million eligible adults (16+ years old). Moreover, the financial inclusion indicators regarding women reflected an upsurge in the number of females who own and use transactional accounts, reaching 18.3 million women by the end of 2022, representing 57.6% out of the total 31.8 million women, and reflecting a growth rate of 210%, compared to 2016.
