The Central Bank of Egypt (CBE) is organizing a training program on extensive data analysis and artificial intelligence (AI) from August 18 to 22. This program is being conducted in partnership with the Monetary Institute (CMI) of the Common Market for Eastern and Southern Africa (COMESA), as announced by the CBE on Tuesday.
The CBE indicated that this collaboration signifies the second year of such an initiative, demonstrating the bank’s leading role in promoting integration among African central banks. It also highlights the CBE’s dedication to advancing banking integration across African central banks.
The training will bring together 45 participants from 10 central banks within the COMESA member states, along with some CMI representatives. Naglaa Nozahie, the Governor’s Advisor for African Affairs in the CBE, stressed the program’s importance in educating African central banks about the pivotal role of big data and AI in improving their operations.
Nozahie also emphasized that these technologies are becoming increasingly crucial given global and regional financial developments. She also highlighted the CBE’s continuous efforts in training central bank staff from COMESA member states, demonstrating its commitment to capacity building over the past 11 years.
Lucas Njoroge, the Director of CMI, expressed gratitude for the ongoing support from the CBE in developing the capabilities of COMESA central banks and expressed willingness for future collaborations with Egypt’s central bank. The training sessions involved contributions from the CBE’s information technology and markets sectors.
Furthermore, the participants engaged in group discussions to tackle current challenges and explore practical solutions related to big data and AI. The program will conclude with proposals and recommendations aimed at enhancing the operational effectiveness of COMESA central banks. These proposals will be presented and discussed at the central bank governors’ annual meeting in Eswatini this November.
