The Fund’s board is chaired by CBE Governor Hassan Abdallah and includes a select group of banking and non-banking experts from the finance and information technology sectors.
The 11-member board includes Rami Aboul Naga, Deputy
Governor for Monetary Stability, and Tarek El Kholy, Deputy Governor for
Banking Stability. Five members were elected by the Federation of Egyptian
Banks, consisting of bank chairmen: Mohamed El Etreby, CEO of the National Bank
of Egypt (NBE), Mohamed Abbas Fayed, CEO
of First Abu Dhabi Bank – Egypt, Akef El Maghraby, CEO and Managing Director of
Suez Canal Bank, Tamer Wahid, Vice Chairman and Managing Director of the Arab
African International Bank (AAIB), and Mohamed Abdel Kader, Executive Director
of Citibank - Egypt.
The board also features three independent members with
significant expertise Mohamed Abdallah, CEO and Managing Director of Vodafone
Egypt and Regional Chief Executive for International Markets at Vodacom Group,
Hoda Mansour, Managing Director, Vice Chairperson and General Manager of Sukari
Gold Mine, and Tarek Abdel Rahman, CEO of Bonyan Development and Trade and Vice
Chairman of Compass Capital.
Governor Abdallah chaired the Fund's first board meeting,
during which members discussed its future strategy, work priorities and governance
framework to ensure the achievement of its key objectives.
On this occasion, the governor said the Fund for Supporting
and Developing the Banking Sector is part of ongoing efforts to enhance the
banking sector's efficiency, strengthen its infrastructure and raise its
competitiveness. The goal, he said, is to keep pace with rapid technological
developments and establish sound professional working standards.
He emphasised that the CBE (Central Bank of Egypt, assumed
for context) is keen to leverage diverse expertise in both the banking and non-banking
sectors. This, he noted, will ensure the formulation and implementation of a
comprehensive strategic vision for banking sector development, providing
necessary technical and financial support for initiatives and projects aimed at
improving technological infrastructure, ensuring its security and integrity,
and developing human capital in the banking sector in line with global best
practices.
Established under Central Bank of Egypt (CBE) and Banking
Sector Law No. 194 of 2020, the Fund is a legal entity with an independent
budget and includes all banks as members. It reports to the CBE.
In line with its mandate, the Fund is authorized to take all
necessary measures to achieve its goals, specifically: reinforcing shared
infrastructure supporting national payment systems, developing digital
infrastructure and financial technology in the banking sector, responding to
and recovering from information technology (IT) incidents and cyberattacks, fostering
innovation and developing banking products and services, and conducting other
development activities that enhance bank efficiency, promote financial literacy,
and boost financial inclusion.
The Fund may also establish new joint-stock companies or contribute to existing ones as necessary to achieve its goals. Furthermore, it is authorized to enter into cooperation agreements and memoranda of understanding with relevant local and international entities for coordination, cooperation, and the exchange of information and expertise.