(MENAFN- Daily News Egypt) As part of its ongoing efforts to advance Egypt's banking sector in line with international best practices, the Central Bank of Egypt (CBE) has announced the launch of the Banking Reform and Development Fund, along with the formation of its Board of Directors (BoD) for a four-year term. The Board is chaired by Hassan Abdalla, Governor of the CBE, and includes a distinguished group of experts from the banking, financial, and information technology sectors.

The Fund's Board of Directors is composed of eleven members, including Rami Aboulnaga, Deputy Governor for Monetary Policy; Tarek ElKholy, Deputy Governor for Banking Stability; and five CEOs and Managing Directors elected by the Federation of Egyptian Banks (FEB). These include Mohamed El-Etreby, CEO of the National Bank of Egypt (NBE); Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank (FABMISR); Akef El Maghraby, CEO and Managing Director of Suez Canal Bank; Tamer Waheed, Vice Chairman and Managing Director of Arab African International Bank (AAIB); and Mohamed Abdelkader, Managing Director of Citibank Egypt.

Additionally, the Board includes three independent members with extensive expertise in their respective fields: Mohamed Abdallah, CEO of Vodafone Egypt and Vodacom International Markets; Hoda Mansour, Managing Director and Vice Chair of Sukari Gold Mines; and Tarek Abdel-Rahman, CEO of Bonyan for Development and Trade and Managing Partner at Compass Capital.

Governor Hassan Abdalla chaired the Fund's inaugural meeting, during which the Board outlined the Fund's strategic direction, identified key priorities, and approved its governance framework. These steps were taken in line with the Fund's overarching objectives to strengthen the Egyptian banking system and enhance its global competitiveness.

Abdalla affirmed that the Fund represents a cornerstone in the CBE's long-term vision to elevate the efficiency, infrastructure, and resilience of Egypt's banking industry. He stressed that the CBE remains committed to adopting technological advancements, improving institutional performance, and fostering sound professional and ethical standards across the sector.

The Governor added that the Fund will serve as a platform for cooperation between banking and non-banking institutions, leveraging diverse expertise to design and implement a comprehensive strategic vision for sectoral development. It will provide both technical and financial support for initiatives and projects that aim to upgrade technological infrastructure, strengthen cybersecurity, and enhance the skills and capabilities of banking professionals - all in alignment with global standards.

Established under Law No. 194 of 2020 on the Central Bank and Banking Sector, the Banking Reform and Development Fund operates as a legally independent entity affiliated with the CBE, with its own financial statements and membership comprising all banks operating in Egypt.

In accordance with its statute, the Fund employs all necessary mechanisms to achieve its objectives, which include strengthening the national payments infrastructure, advancing digital and financial technology innovation, addressing IT incidents and cyber threats, and supporting recovery and continuity operations. The Fund also seeks to foster an innovation ecosystem, develop new banking products and services, enhance operational efficiency across institutions, and promote financial literacy and inclusion nationwide.

Moreover, the Fund is authorised to establish or invest in joint-stock companies to support its activities and may enter into cooperation agreements, memoranda of understanding, and partnerships at both national and international levels to facilitate knowledge exchange and technical collaboration.

Through this initiative, the Central Bank of Egypt reaffirms its commitment to driving sustainable reform, digital transformation, and institutional development across the banking sector - reinforcing Egypt's position as a regional financial hub operating in line with international standards.

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