CAIRO – Deputy Governor of the Central Bank of Egypt Tarek el-Khouly emphasised the pivotal role played by the banking sector in supporting the national economy, especially in light of the major economic challenges facing the country.
He noted that the banking sector and CBE operate as a unified entity working in harmony to serve sustainable economic development.
In his speech at the 19th edition of the “People and Banks” conference Wednesday, Khouly stated that supporting small and medium-sized enterprises (SMEs) is a top priority for the Central Bank of Egypt.
Banks have been mandated to allocate 25% of their total financing to this vital sector. As a result, the banking sector has provided over EGP 630 billion in financing to small, medium, and micro enterprises, compared to just EGP 30–40 billion in 2015, he added.
Khouly also highlighted that the Central Bank of Egypt pays special attention to financial inclusion. It recently allowed youth from the age of 15 to directly interact with banks and open bank accounts. These efforts have led to a rise in the percentage of banking sector customers to 76% of Egypt’s total population, compared to only about 10% ten years ago — a growth of 214%, he added.
Khouly mentioned that the number of ATMs in Egypt has reached 157,000 machines, while the number of bank branches has reached approximately 4,650, enhancing the spread of banking services across the governorates.
In conclusion, the deputy governor stressed the importance of addressing the risks of climate change and its impact on the financial sector.
He stated that the Central Bank of Egypt actively participates in all international forums concerned with sustainability and green finance, to ensure the readiness of the banking sector to confront these future challenges.
