CBE encourages the banking sector to expand sustainability projects finance
The Central Bank of Egypt launched several initiatives within the activities of Arab Day for Financial Inclusion , which is held on April 27 of each year, and its activities extend in Egypt for a full month. organized with the aim of promote the expansion of financial services in Arab countries, and supporting comprehensive and sustainable economic development. Facing the challenges of unemployment and achieving social justice.
Event organization for 2023 comes under the slogan Enhancing Financial Inclusion to Support Efforts to face Climate Change, out of the great interest of the Board of Governors of Central Banks and Arab Monetary Institutions in providing the necessary financing to meet the requirements of climate goals, an issue that represented one of the important priorities of the conference. The twenty-seventh climate (COP27) hosted by Egypt in November 2022.
The initiatives launched by the Central Bank of Egypt within the activities of Arab Day for Financial Inclusion include allowing banks to be present outside their branches in the various governorates of Egypt, especially in remote areas, and interacting with citizens by opening accounts without fees or minimum, and encouraging e-wallets customers to activate and use their wallets, providing and sponsoring financial education activities.
The Central Bank of Egypt, in partnership with World Food Program, launched a project to increase the productivity of small farmers and raise their standard of living by unifying holdings, diversifying and increasing sources of income, in addition to lining agricultural watering cans, encouraging the use of modern irrigation methods to enhance water use efficiency, and the use of solar panels in agriculture , reflecting the importance of financial inclusion in promoting sustainability efforts and preserving the environment.
The banking sector is making efforts to expand financing projects that take into account the environmental element of society, such as clean and renewable energy projects, and projects that take into account the social dimension represented in small, medium and micro industries, as well as projects with intensive employment to create more job opportunities, reduce poverty rates and raise the standard of living. in order to complement the role of banks in supporting the country's developmental vision.
CBE also issued instructions to protect rights of bank customers, rules and systems for digital services such as the use of mobile phones and digital payment tools, in a way that contributes to expanding the availability and use of financial services, and supports sustainable development goals.
