The Central Bank of Egypt (CBE) announced the extension of its EU-backed regional initiative aimed at strengthening African central banks’ capacity and financial resilience, now set to continue until the end of 2027.
The announcement was made during the ninth coordination committee meeting of the program, hosted at the CBE headquarters on Tuesday. The session brought together officials from several European and African central banks, alongside Angelina Eichhorst, the European Union Ambassador to Egypt and the League of Arab States.
Launched in December 2023, the program focuses on building technical capacity, enhancing knowledge exchange, and supporting reforms to help African central banks navigate global economic challenges. “The initiative has proven the value of close cooperation between European and African central banks,” said Hassan Abdullah, Governor of the Central Bank of Egypt. “Its next phase will expand technical support, capacity-building efforts, and the promotion of policies that strengthen financial stability, transparency, and sustainable growth.”
The program targets a range of critical areas, including climate change, digital transformation, artificial intelligence, governance, and anti-money laundering efforts. It also aims to bolster financial sector resilience, supporting trade, investment, and long-term economic growth across the continent.
Management of the initiative is led by the central banks of Germany and France in partnership with the European Central Bank, as well as the central banks of Belgium, Spain, Italy, Lithuania, Portugal, and Slovakia.
African beneficiaries include central banks from Egypt, Angola, Ghana, Kenya, Morocco, Mozambique, Namibia, South Africa, Tanzania, Tunisia, and regional institutions such as the West African Economic and Monetary Union (BCEAO) and the Bank of Central African States (BEAC), covering a total of 24 countries.
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