As part of its ongoing efforts to advance the 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 and the formation of its Board of Directors (BoD) for a four-year term. The Board is chaired by H.E. Mr. Hassan Abdalla, Governor of the CBE, and includes a distinguished group of experts from both banking and non-banking sectors, representing the financial and information technology sectors.
The Fund’s BoD is composed of eleven members, including Mr. Rami Aboulnaga, Deputy Governor of the CBE for Monetary Policy; Mr. Tarek ElKholy, Deputy Governor of the CBE for Banking Stability; along with five CEOs/Managing Directors of banks elected by the Federation of Egyptian Banks (FEB): Mr. Mohamed El-Etreby, CEO of the National Bank of Egypt (NBE); Mr. Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank (FABMISR); Mr. Akef El Maghraby, CEO and Managing Director of Suez Canal Bank; Mr. Tamer Waheed, Vice Chairman and Managing Director of Arab African International Bank (AAIB); and Mr. Mohamed Abdelkader, Managing Director of Citibank Egypt.
Additionally, the Board includes three independent members with recognized expertise: Mr. Mohamed Abdallah, CEO of Vodafone Egypt and Vodacom International Markets; Eng. Hoda Mansour, Managing Director and Vice Chair for Sukari Gold Mines; and Mr. Tarek Abdel-Rahman, CEO of Bonyan for Development and Trade and Managing Partner at Compass Capital.
The Governor of the CBE chaired the Fund’s inaugural meeting, during which the BoD set out the Fund’s strategic direction, identified key priorities, and approved its governance framework, in alignment with its core objectives.
Mr. Hassan Abdalla emphasized that the Fund represents a cornerstone in the CBE’s broader efforts to enhance the efficiency, infrastructure, and competitiveness of the Egyptian banking sector, reaffirming the CBE’s commitment to adopting technological advancements and fostering sound professional practices.
Mr. Abdalla reiterated that the CBE is dedicated to leveraging expertise from across the banking and non-banking sectors, ensuring the design and implementation of a comprehensive strategic vision for the sector’s development. The Fund will provide both technical and financial support to initiatives and projects aimed at upgrading technological infrastructure, safeguarding cybersecurity, as well as strengthening and building the capacities of the banking sector staff —all in line with international best practices.
Established under the Central Bank and Banking Sector Law No. 194 of 2020, the Banking Reform and Development Fund operates as a CBE-affiliated legal independent entity, with independent financial statements, and includes all banks in its membership . In accordance with its statute, the Fund employs all necessary means to achieve its objectives, which include strengthening national payment system infrastructure, advancing digital infrastructure and FinTech innovation, addressing IT incidents and cyber threats, and supporting recovery operations. Moreover, the Fund fosters an innovation ecosystem, develops banking products and services, undertakes development measures that enhance operational efficiency across the sector, and promotes financial literacy and financial inclusion.
Furthermore, the Fund is authorized to establish or invest in joint-stock companies to fulfill its objectives. It may also sign cooperation protocols, memoranda of understanding, and agreements to collaborate and exchange knowledge and expertise at both the national and international levels.
