The Central Bank of Egypt (CBE) is hosting a training programme on the application of big data analysis and artificial intelligence (AI), from 18 to 22 August, in collaboration with the Monetary Institute (CMI) of the Common Market for Eastern and Southern Africa (COMESA), the CBE said on Tuesday.

The CBE noted that this collaboration marks the second consecutive year of such an initiative, reflecting the bank’s leading role in fostering integration among African central banks.

The training also underscores the CBE’s commitment to advancing banking integration across African central banks.

It brings together 45 participants from 10 central banks within the COMESA member states and some CMI representatives.

Governor’s Advisor for African Affairs in the CBE Naglaa Nozahie highlighted the programme’s relevance in educating African central banks about the crucial role of big data and AI in enhancing their operations.

Nozahie added that these technologies are increasingly important given the global and region
al financial developments.

She also emphasized that the CBE’s ongoing efforts in training central bank staff from COMESA member states reflect its dedication to capacity building over the past 11 years.

CMI Director Lucas Njoroge also expressed appreciation for the CBE’s sustained support in developing the capabilities of COMESA central banks, stressing the institute’s eagerness to continue collaboration with Egypt’s central bank in future initiatives.

The training sessions included contributions from the CBE’s information technology and markets sectors.

Furthermore, participants engaged in group discussions to address current challenges and explore practical solutions involving big data and AI.

The programme will conclude with some proposals and recommendations for enhancing the operational effectiveness of COMESA central banks. These will be presented and discussed at the central bank governors’ annual meeting in Eswatini this November.

Source: State Information Service Egypt