Cairo: Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty and Central Bank of Egypt (CBE) Governor Hassan Abdalla attended the signing ceremony of a cooperation protocol to implement the ‘Open Your Account in Egypt’ initiative in collaboration with the National Bank of Egypt (NBE) and Banque Misr.

According to State Information Service Egypt, the initiative aligns with the state’s vision to meet the needs of Egyptians working abroad and streamline the services offered to them. The protocol was signed by Deputy Foreign Minister Nabil Habashi, NBE Chairman Mohamed El-Etreby, and Banque Misr Chairman Hisham Okasha, in the presence of senior officials from the CBE, the foreign ministry, and both banks. Under the initiative, Egyptians working abroad will be able to open bank accounts at NBE or Banque Misr by visiting the nearest Egyptian embassy or consulate to complete and sign the account-opening form.

The document will then be authenticated by the diplomatic mission and sent to th
e foreign ministry headquarters for verification before being delivered to the banks. Abdelatty mentioned that the initiative is part of presidential directives to provide the best possible care for Egyptians abroad. He noted that it complements other initiatives implemented by the ministry in coordination with various state bodies, including programs related to housing, agricultural land, investment facilitation, insurance coverage, and the digitization of consular services, alongside enhanced communication with Egyptian communities worldwide. He encouraged Egyptians abroad to take advantage of these initiatives and incentives offered by the state, which serve their interests and support national priorities, contributing to increasing remittances, a critical boost to Egypt’s economy and development efforts.

Abdalla stated that the initiative would encourage Egyptians abroad to transfer money through Egyptian banks and invest their savings in domestic financial instruments while also making banking services
more accessible. He commended the national role of the banking sector in supporting Egypt’s economy and the collective efforts made to realize this initiative, particularly in simplifying banking procedures and minimizing the cost of money transfers to Egypt. Abdalla added that the banking sector will continue coordinating with the foreign ministry and other relevant entities to launch additional initiatives that serve Egyptians abroad, such as expanding real-time money transfer services from overseas to Egypt and further advancing digital banking services for all clients, both inside and outside the country.