The Central Bank encourages the expansion of financing projects that achieve sustainability during the Arab Financial Inclusion Day event under the auspices of the Arab Monetary Fund
Fathi Al-Sayeh and Iman Al-Wasli
The Central Bank of Egypt encourages the banking sector to expand financing projects that achieve sustainability and take into account the environmental component of society
Launching several initiatives to facilitate the availability of financial services and the dissemination of financial education among citizens 2022 The Central Bank of Egypt launched 2022 Several initiatives within the activities of the Arab Day for Financial Inclusion, which is held on April of each year, and its activities extend in Egypt over a full month, and it is organized with the aim of promoting the expansion of the availability and use of financial services in the Arab countries, supporting comprehensive and sustainable economic development, facing the challenges of unemployment and achieving social justice.
The organization of events this year comes Under the slogan “Enhancing financial inclusion to support efforts to confront the repercussions of climate change”, and that is based on the great interest of the Board of Governors of Central Banks and Arab Monetary Institutions in the issue of providing the necessary financing to meet the requirements of climate goals, an issue that represented one of the important priorities of the twenty-seventh climate conference (COP02) hosted by Egypt in November .
It includes the initiatives launched by the Central Bank Al-Masry, as part of the activities of the Arab Day for Financial Inclusion, allows banks to be present outside their branches in the various governorates of the Republic, especially in remote areas, and interacts with citizens by opening accounts without fees and without a minimum, and encourages electronic wallets customers to activate and use their wallets, and provide and sponsor financial education activities.
Based on the important role that financial inclusion plays in facing the repercussions of climate change, And to enhance sustainability and environmental preservation efforts, the Central Bank of Egypt, in partnership with the 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 waterways, and encouraging the use of modern irrigation methods to enhance the efficiency of water use. Water, and the use of solar energy panels in agriculture, reflecting the importance of financial inclusion in promoting sustainability and environmental preservation efforts.
In the same context, the banking sector is making unremitting efforts to expand financing projects that take into account the environmental component 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 projects, as well as labor-intensive projects to create More job opportunities, reducing poverty rates, and raising the standard of living in the areas most in need, in order to complement the role of banks in supporting the country’s development vision.
The Central Bank also issued instructions to protect the rights of bank customers, and the rules and regulations 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 the achievement of sustainable development goals.