The Ministry of Planning and Economic Development recently held a meeting with the Central Bank of Egypt (CBE) to discuss the implementation of the financial inclusion strategy for the second phase of the “Decent Life” project. This national initiative aims to improve living conditions in rural areas of Egypt.
During the meeting, Gamil Helmy, Assistant Minister of Planning and General Supervisor of “Decent Life,” and Khaled Bassiouni, Director General of the Financial Inclusion Department at CBE, reviewed the progress made in the first phase. This included the installation of 1,208 ATMs and the establishment of 127 bank branches by September 2023. These efforts have improved access to various financial services, including electronic wallets, internet banking, prepaid cards, and QR codes.
Helmy emphasized the importance of financial inclusion in achieving sustainable development goals in rural Egypt. He highlighted the disbursement of medium, small, and micro-loans totaling EGP 26.3 billion and reducing pollution by decreasing the need for transportation to access financial services.
The next steps involve working closely with CBE and partner banks to assess and address the financial service needs of villages in the second phase of “Decent Life.” Helmy praised the contributions of CAPMAS, CBE, Egypt Impact Lab, and Abdul Latif Jameel Poverty Action Lab towards these efforts.
Bassiouni discussed the strategy’s goals of improving villagers’ quality of life by enhancing financial infrastructure, increasing awareness of banking services, and supporting small and medium-sized enterprises.
The meeting was attended by Ahmed Al-Shimi, Deputy Head of the Programs and Performance Unit at the Ministry of Planning, members of the “Decent Life” team, and representatives from CBE.
