In a strategic move to enhance the resilience and global competitiveness of the Egyptian
banking sector, the Central Bank of Egypt (CBE) has officially launched the Banking Reform
and Development Fund, a pivotal initiative aimed at accelerating banking modernization and
supporting digital transformation in line with international best practices
The Fund’s Board of Directors (BoD) has been appointed for a four-year term and is chaired
by H E Mr Hassan Abdalla, Governor of the CBE The Board brings together prominent leaders
from the banking, finance, and information technology sectors, ensuring a broad and innovative
approach to sector development
Central Bank:Board Composition Reflects Cross-Sector Expertise
Central Bank The Fund’s governance structure is designed to provide strategic oversight with
a well-rounded mix of expertise It includes
Mr. Rami Aboulnaga, Deputy Governor for Monetary Policy
Mr Tarek ElKholy, Deputy Governor for Banking Stability
Five bank leaders elected by the Federation of Egyptian Banks (FEB)
Mr Mohamed El-Etreby, CEO, National Bank of Egypt
Mr Mohamed Abbas Fayed, CEO, First Abu Dhabi Bank – Egypt (FABMISR)
Mr Akef El Maghraby, CEO and Managing Director, Suez Canal Bank
Mr Tamer Waheed, Vice Chairman and Managing Director, AAIB
Mr Mohamed Abdelkader, Managing Director, Citibank Egypt
Three independent members from outside the banking sector
Mr Mohamed Abdallah, CEO, Vodafone Egypt & Regional Head at Vodacom
Eng Hoda Mansour, Vice Chair and MD at Sukari Gold Mines
Mr Tarek Abdel-Rahman, CEO, Bonyan for Development and Partner at Compass Capital
Strategic Priorities: Innovation, Cybersecurity, and Talent Development
Chaired by the Governor, the Fund’s inaugural meeting focused on laying out a strategic roadmap
defining priorities, and setting a robust governance framework The Fund will act as a catalyst for
change, supporting projects that aim to upgrade the banking sector’s technological infrastructure
enhance cybersecurity resilience, and build human capital capacity
Governor Hassan Abdalla emphasized that this Fund is a cornerstone in Egypt’s comprehensive
financial reform agenda, with a clear mandate to increase the sector’s efficiency, technological
adaptability, and global competitiveness He also highlighted the importance of drawing on diverse
sectoral expertise to guide strategic planning and execution
Fund’s Objectives: Digital Transformation, Financial Inclusion, and Resilience
Established under Law No. 194 of 2020 (Central Bank and Banking Sector Law), the Fund
operates as an independent legal entity affiliated with the CBE It includes all banks as
members and maintains independent financial statements
Its core objectives include
Enhancing national payment infrastructure
Promoting digital banking and FinTech innovation in Egypt
Addressing IT incidents and cyber threats effectively
Supporting business continuity and recovery plans
Strengthening financial literacy and expanding financial inclusion
Encouraging banking product and service innovation
Improving operational efficiency across institutions
Flexibility to Invest and Collaborate at National and Global Levels
Central Bank To achieve its mission, the Fund is authorized to
Establish or invest in joint-stock companies
Enter into partnerships, MoUs, and cooperation agreements with relevant local and international stakeholders
Promote knowledge exchange and drive cross-border collaboration for sustained banking sector growth
Central Bank: A New Chapter for Egypt’s Banking Sector
The launch of the Banking Reform and Development Fund marks a significant milestone
in Egypt’s journey toward a modern, inclusive, and resilient financial system Backed by
a strong governance structure and strategic vision, the Fund is set to play a transformative
role in supporting innovation, protecting digital infrastructure, and building a future-ready banking ecosystem
