Central Bank of Egypt Launches the Banking Reform and Development Fund, Chaired by the Governor
Cairo 11 October 2025:
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.
Board Composition
The Fund’s BoD consists 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. It also includes five CEOs and 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.
Independent Members
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.
Strategic Direction
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.
Governor’s Statement
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. He reaffirmed the CBE’s commitment to adopting technological advancements and fostering sound professional practices.
He also reiterated that the CBE is dedicated to leveraging expertise from across the banking and non-banking sectors. This ensures the design and implementation of a comprehensive strategic vision for the sector’s development.
Fund Objectives
The Fund will provide both technical and financial support to initiatives and projects aimed at upgrading technological infrastructure, safeguarding cybersecurity, and strengthening the capacities of banking sector staff — all aligned with international best practices.
Legal Framework and Role
Established under the Central Bank and Banking Sector Law No. 194 of 2020, the Banking Reform and Development Fund operates as a CBE-affiliated independent legal entity with separate financial statements. It includes all banks as members.
According to its statute, the Fund employs all necessary means to achieve its objectives, including:
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Strengthening national payment system infrastructure.
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Advancing digital infrastructure and FinTech innovation.
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Addressing IT incidents and cyber threats, and supporting recovery operations.
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Fostering innovation, developing products and services, and promoting financial inclusion.
Cooperation and Partnerships
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 nationally and internationally.
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