Central Bank of Egypt (CBE) Governor Tareq Amer discussed at a meeting with UAE Economy Minister Abdulla bin Touq al-Marri means of fostering bilateral cooperation in the financial sector.
The two sides probed how to support joint efforts with regard to countering money laundering crimes, which in turn could contribute to strengthening stability and economic growth in the two countries.
Amer briefed the UAE economy minister on the structural reforms implemented by the Egyptian government to enhance the investment climate and enable the national economy to attain higher growth rates.
The CBE governor reviewed the monetary reforms carried out as part of the economic reform program and the introduction of digital transformation in the work of Egyptian banks, as well as the establishment of the cyber security sector.
Amer also updated Marri on the Egyptian government’s efforts to achieve financial inclusion and maximize the role of digital payments, in addition to supporting micro, small and medium-sized enterprises.
The CBE governor also shed light on the measures taken to bring about higher levels of governance in the management of Egyptian banks to protect savers’ funds.
for his part, UAE Minister of Economy Abdulla bin Touq al-Marri hailed huge presidential and governmental projects and the economic renaissance in Egypt.
Marri described Egypt as a strategic partner for his country in all economic fields, particularly the financial sector, which is witnessing fruitful cooperation between the two sides at all levels.
The UAE is keen to strengthen cooperation with Egypt in this vital sector and to support the technological and skills development, and digital transformation and innovative services, he added.
Marri further pledged to work with Egypt to cope with the latest developments related to information technology and digital software for stock markets, and to find the best solutions and apply modern technologies in the financial sector, financial technology and Block chain applications.
During the meeting, the two officials reviewed the most prominent economic legislations and initiatives launched by the Egyptian State to shift to a new knowledge-based economic model.
Source: State Information Service Egypt