CBE Hosts Training Course on Application of Big Data Analysis, AI to Central Banking

The Central Bank of Egypt (CBE), in cooperation with the COMESA Monetary Institute (CMI), is hosting a training course on “Applying Big Data Analysis and Artificial Intelligence in Central Banks,” which will be held from August 27 to 31, 2023, in order to support Egyptian-African cooperation and integration.

The training course is attended by 35 participants representing 9 central banks from COMESA member states, in addition to a delegation from the COMESA Monetary Institute.

The courses are expected to include discussions on the application of big data analytics and artificial intelligence in the banking and financial sector. Financial sectors, especially central banks.

On this occasion, Naglaa Nozahi, Governor’s Advisor for African Affairs at the Central Bank of Egypt, stressed the importance of this training course, especially with regard to current global and regional developments.

She pointed out the Central Bank of Egypt's keenness to continue its efforts to support building the capabilities of employees of African central banks, especially since this year's session represents the ninth consecutive year in which the Central Bank has provided training courses for employees of central banks in Africa - the COMESA countries.

In the same context, Lobna El-Bayar, Assistant Undersecretary for the Business Technology Sector at the Central Bank of Egypt, expressed the bank’s readiness for fruitful cooperation with COMESA central banks, and affirmed its commitment to providing training courses in areas of interest to these banks in the field of information technology.

On his part, Lucas Njoroge, Director of the Monetary Institute at COMESA, expressed his gratitude to the Central Bank of Egypt for its continued contribution to building the capabilities of COMESA’s central banks.

He pointed out that the institute looks forward to gradual cooperation with the Central Bank of Egypt in the coming years.

During the training course, in which lecturers from the Central Bank's business technology sector participated, participants were divided into working groups to discuss modern issues and challenges related to big data and artificial intelligence.

Moreover, they also provide possible solutions to overcome these challenges as practical training on applying big data analysis and artificial intelligence.

At the end of the session, a set of proposals and recommendations will be formulated that aim to enable a greater and deeper understanding of the impact of big data analysis and artificial intelligence on the operations of central banks in COMESA countries.