Cairo: Governor of the Central Bank of Egypt Hassan Abdalla and Minister of Supply and Internal Trade Sherif Farouk witnessed the signing of a cooperation protocol between the CBE and the ITDA to enable electronic access to unified commercial registry data for the banking sector, including the unified commercial registration number.

According to State Information Service Egypt, Abdalla stated that the protocol will enhance the quality of corporate data across all business sizes, expanding access to financial services in line with the State's vision for knowledge-based sustainable economic growth. It aims to enhance the flexibility and competitiveness of the Egyptian economy and boost job creation.

Farouk expressed enthusiasm for the enhanced cooperation with the Central Bank and the banking sector, noting that it aligns with Egypt's digital transformation agenda. He emphasized that the authority has implemented integrated digital projects to modernize services, improve internal workflows, and reduce paper-based procedures.

The agreement is a significant step toward completing the Central Bank's national corporate financial inclusion database. It will provide banks with precise and updated company data, including economic sector, activity type, legal structure, ownership, capital, management structure, and geographic distribution.

The initiative is expected to improve banks' ability to offer faster and more accurate financial services, strengthen risk analysis, and design tailored banking products, especially for micro, small, and medium enterprises, as well as women-led businesses. It will also aid in integrating the informal economy into the formal sector.

The protocol supports Egypt's efforts to promote gender equality, reduce financing gaps, improve the country's ranking in global business indicators, and advance the Sustainable Development Strategy 'Egypt Vision 2030.'