Cairo: The Central Bank of Egypt (CBE) has announced the creation of the Banking Support and Development Fund, appointing its board of directors for a four-year term.

According to State Information Service Egypt, the board will be led by CBE Governor Hassan Abdallah and will include experts from banking and non-banking sectors, specifically from finance and information technology. Abdallah presided over the inaugural meeting of the fund's board, focusing on the fund's future, strategic priorities, and governance framework to ensure the fulfillment of its objectives.

The governor noted that establishing the fund is part of ongoing efforts to enhance the banking sector's efficiency, strengthen its infrastructure, and improve its competitiveness.