The Central Bank of Egypt (CBE) and the Ministry of Foreign Affairs on Sunday launched an initiative to facilitate the opening of bank accounts for Egyptians working abroad.
The ‘Open Your Account in Egypt’ initiative was launched in co-operation with the National Bank of Egypt and Banque Misr, the country’s two largest state-owned banks.
Foreign Minister Badr Abdel-Aati and Central Bank Governor Hassan Abdalla witnessed the signing of a co-operation protocol at the central bank’s headquarters.
The protocol was signed by Deputy Foreign Minister for Immigration and Egyptians Abroad Nabil Habashi on behalf of the ministry, and by the chief executives of the National Bank of Egypt, Mohamed El-Etreby, and Banque Misr, Hesham Okasha.
Under the initiative, Egyptians abroad can apply to open accounts with either bank by visiting the nearest Egyptian embassy or consulate.
Applicants will complete and sign the required forms, which will then be certified by the diplomatic mission and sent to Egypt’s Foreign Ministry for further processing before being delivered to the banks.
Abdalla said the initiative would encourage Egyptians abroad to transfer funds through Egyptian banks and invest their savings in financial products available in Egypt, while making banking services more accessible.
He said the banking sector would continue coordinating with the Foreign Ministry and other relevant authorities to launch initiatives benefiting Egyptians abroad, including efforts to expand instant money transfers to Egypt around the clock and throughout the week.
Abdel-Aati, meanwhile, said the initiative formed part of government efforts to provide better services and support for Egyptians abroad, in line with presidential directives.
He said it complemented other initiatives involving housing, agricultural land, investment incentives and insurance coverage, as well as efforts to digitise and simplify consular services and strengthen communication with Egyptians overseas.
The foreign minister urged Egyptians abroad to take advantage of the initiatives, saying they would help increase remittances, support the national economy and encourage their participation in Egypt’s development process.
