According to a statement issued by the Arab Monetary Fund (AMF) on Sunday, Egypt has received a $615.8 million loan to support a reform program in the country’s financial and banking sectors.
The program aims to improve the stability and efficiency of payment system infrastructure while promoting financial inclusion and sustainability.
Furthermore, the program intends to strengthen supervision and regulation in the financial and banking sectors, stimulate the growth of fintech, and improve the protection of financial service customers.
Egypt’s Financial Regulatory Authority (FRA) has established new legislation for applying fintech in the non-banking financial sector.
Figures released by the Central Bank of Egypt (CBE) indicate a 147 percent improvement in financial inclusion rates in Egypt between 2016 and 2022.
Data released by the CBE shows that Egyptian bank assets surged to nearly EGP 13 trillion ($420.71 billion) during Q1 of 2023, a 14 percent increase from EGP 11.4 trillion recorded at the end of December 2022.
Egypt is aiming to obtain hard currency to bridge an estimated $17 billion financing gap until 2026.
Egypt’s external debt increased by 4.8 percent to $165.3 billion in Q3 of FY 2022/23 from $157.8 billion in Q3 of the previous year.
Established in 1976, the AMF aims to reinforce economic, financial, and monetary stability and development processes in the Arab World.
