Latest news with #Abdalla
Daily News Egypt
2 hours ago
- Business
- Daily News Egypt
CBE governor hosts Nigerian counterpart, showcases new banknote production facility
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), hosted Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), and his delegation for a series of strategic discussions aimed at expanding bilateral cooperation between the two central banks. The meeting, which took place at the CBE's headquarters, focused on enhancing collaboration in key areas of banking and finance. Following the discussions, Abdalla escorted Cardoso on a tour of the New Administrative Capital's Printing House, where the Nigerian delegation was introduced to the full process of banknote production—from design to final delivery. The tour showcased the facility's advanced technology, anti-counterfeiting security measures, and quality control protocols, ensuring precision at every stage of banknote production. In addition to the tour, the visit provided an opportunity for the CBE and CBN delegations to exchange technical expertise on a variety of subjects. The Egyptian side shared insights into its progress in fields such as Supervisory Regulations, Basel Frameworks, Monetary Policy, and Macroprudential Policy, in addition to its work in IT, FinTech, cybersecurity, and data science. The meeting also included a session with the Egyptian Banking Institute (EBI), the CBE's training arm, to explore its capacity-building programs for banking sector professionals. On the occasion, Abdalla reaffirmed Egypt's commitment to strengthening relations with African countries and praised Nigeria's growing role in regional economic and financial affairs. He also congratulated Cardoso on Nigeria's successful hosting of the African Export-Import Bank (Afreximbank) meetings the previous month, thanking Nigeria for its hospitality. In his remarks, Olayemi Cardoso highlighted the importance of the visit as an opportunity to deepen financial cooperation between Egypt and Nigeria. He expressed admiration for the Printing House's advanced technologies and robust security measures, noting that the CBN looks forward to leveraging Egypt's expertise in the banking sector. This visit follows Abdalla's official trip to Nigeria at the end of last month, where he participated in the 32nd Annual Meetings of Afreximbank under the theme 'Building the Future on Decades of Resilience,' attended by African leaders and heads of state.
Economic Key
5 hours ago
- Business
- Economic Key
CBE Governor Tours Printing House with Nigerian Counterpart in New Capital
In line with Egypt's vision to strengthen ties with African nations across all sectors, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), welcomed H.E. Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), and his accompanying delegation for strategic discussions at the CBE premises. The meeting focused on expanding bilateral cooperation between the two central banks in key areas. Following productive discussions, Mr. Abdalla escorted Mr. Cardoso on a tour of the New Administrative Capital's Printing House. The visit demonstrated the end-to-end stages of banknote production —from design to final delivery. The delegation gained valuable insights into the facility's production capacity, advanced technologies, and robust anti-counterfeiting security measures. The visit also showcased quality control protocols ensuring precision at every step, including thorough banknote testing at various production stages before issuance. In addition to the tour, the visit featured a comprehensive exchange of technical expertise and knowledge between the CBE's representatives and the delegation of the CBN. The Egyptian side presented the CBE's progress across a number of specialized fields, including Supervisory Regulations, Basel Frameworks, Monetary Policy, Macroprudential Policy, alongside the On-Site and Off-Site Supervision, as well as the Large Corporates, Banking Affairs, Information Technology, FinTech, Cybersecurity, and the Data Science and Advance Analytics Hub. Moreover, the visit encompassed a strategic meeting with the Egyptian Banking Institute (EBI) —the CBE's training arm— to explore its capacity-building programs for banking sector personnel, aligned with the international best practices. On this occasion, H.E. Mr. Hassan Abdalla welcomed his Nigerian counterpart, affirming that Egypt prioritizes its relations with African nations and is committed to strengthening cooperation with them, while sharing its successful expertise across various fields. Mr. Abdalla also congratulated Mr. Cardoso on the successful hosting of the African Export-Import Bank (Afreximbank) Meetings last month, expressing sincere appreciation for Nigeria's generous hospitality and warm reception during the event. From his side, H.E. Mr. Olayemi Cardoso emphasized the significance of the visit as an opportunity to deepen financial and economic cooperation between the two countries. He also expressed his great admiration for the Banknote Printing House, commending the advanced technologies employed in production processes, along with the high-level security measures in place to safeguard printed banknotes. He further noted that the CBN looks forward to leveraging Egypt's expertise in the banking sector. Notably, Mr. Abdalla conducted an official visit to the CBN at the end of last month on the sidelines of his participation in the 32nd Annual Meetings of Afreximbank, which were held under the theme 'Building the Future on Decades of Resilience,' and attended by leaders and heads of African states. تم نسخ الرابط
bnok24
8 hours ago
- Business
- bnok24
Governor of Central Bank of Egypt Hosts Nigerian Counterpart and Conducts a Tour of the New Administrative Capital Printing House
In line with Egypt's vision to strengthen ties with African nations across all sectors, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), welcomed H.E. Mr. Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), and his accompanying delegation for strategic discussions at the CBE premises. The meeting focused on expanding bilateral cooperation between the two central banks in key areas Following productive discussions, Mr. Abdalla escorted Mr. Cardoso on a tour of the New Administrative Capital's Printing House. The visit demonstrated the end-to-end stages of banknote production —from design to final delivery. The delegation gained valuable insights into the facility's production capacity, advanced technologies, and robust anti-counterfeiting security measures. The visit also showcased quality control protocols ensuring precision at every step, including thorough banknote testing at various production stages before issuance In addition to the tour, the visit featured a comprehensive exchange of technical expertise and knowledge between the CBE's representatives and the delegation of the CBN. The Egyptian side presented the CBE's progress across a number of specialized fields, including Supervisory Regulations, Basel Frameworks, Monetary Policy, Macroprudential Policy, alongside the On-Site and Off-Site Supervision, as well as the Large Corporates, Banking Affairs, Information Technology, FinTech, Cybersecurity, and the Data Science and Advance Analytics Hub. Moreover, the visit encompassed a strategic meeting with the Egyptian Banking Institute (EBI) —the CBE's training arm— to explore its capacity-building programs for banking sector personnel, aligned with the international best practices On this occasion, H.E. Mr. Hassan Abdalla welcomed his Nigerian counterpart, affirming that Egypt prioritizes its relations with African nations and is committed to strengthening cooperation with them, while sharing its successful expertise across various fields. Mr. Abdalla also congratulated Mr. Cardoso on the successful hosting of the African Export-Import Bank (Afreximbank) Meetings last month, expressing sincere appreciation for Nigeria's generous hospitality and warm reception during the event From his side, H.E. Mr. Olayemi Cardoso emphasized the significance of the visit as an opportunity to deepen financial and economic cooperation between the two countries. He also expressed his great admiration for the Banknote Printing House, commending the advanced technologies employed in production processes, along with the high-level security measures in place to safeguard printed banknotes. He further noted that the CBN looks forward to leveraging Egypt's expertise in the banking sector Notably, Mr. Abdalla conducted an official visit to the CBN at the end of last month on the sidelines of his participation in the 32nd Annual Meetings of Afreximbank, which were held under the theme 'Building the Future on Decades of Resilience,' and attended by leaders and heads of African states Google News تابعونا على تابعونا على تطبيق نبض
Daily News Egypt
19-07-2025
- Business
- Daily News Egypt
Abdalla leads Egypt's delegation at G20 Finance Ministers & Central Bank Governors Meeting in South Africa
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), headed Egypt's delegation at the third G20 Finance Ministers and Central Bank Governors Meeting (FMCBG), hosted by South Africa on 17–18 July. The Egyptian delegation included Yasser Sobhi, Deputy Minister of Finance for Fiscal Policies; Menna Allah Farid, CBE Assistant Governor for External Relations; and Alaa Abdel Rahman, Advisor to the Minister of Finance for International Institutions. Abdalla participated in discussions covering macroeconomic developments, the global financial architecture, sustainable finance, Africa's development priorities, and issues relating to the financial sector and financial inclusion. During the sessions, Abdalla highlighted ongoing pressures on the global economy resulting from heightened geopolitical tensions and trade conflicts, stressing the urgent need for coordinated and balanced monetary and fiscal policies to preserve macroeconomic stability. He underscored the importance of anchoring inflation expectations and enhancing liquidity management as key foundations for building economic resilience. In this context, the Governor called for reforming and modernising multilateral financial institutions to improve their efficiency and responsiveness. He urged them to embrace innovative financial tools designed to attract private sector investment, including the reallocation of Special Drawing Rights (SDRs) to support development finance in lower-income and vulnerable countries. Abdalla also stressed the need for comprehensive reform of the global financial architecture, particularly to strengthen the voice and representation of African countries. He advocated for establishing a clear and transparent monitoring and follow-up framework to ensure that proposed reforms lead to tangible, sustainable outcomes. Addressing systemic risks, Abdalla drew attention to the rapid expansion of non-bank financial institutions and the gaps in existing regulatory frameworks. He warned that without effective oversight, these trends could undermine global financial stability, and he called for greater international coordination among regulators to mitigate potential risks. On debt sustainability, Abdalla emphasised the importance of stronger dialogue and cooperation among creditor and debtor nations, credit rating agencies, and international financial institutions to develop integrated and holistic debt management strategies. He advocated for extending the scope of the G20's 'Common Framework' for debt treatment to include middle-income countries that face comparable vulnerabilities. He also urged the adoption of innovative financing mechanisms to reduce debt burdens and support sustainable development. Further, Abdalla called for expanding access to concessional and blended finance for developing countries, stressing the need for nationally led frameworks that align external funding with domestic development priorities. He also highlighted the importance of harmonising environmental classifications across jurisdictions and developing risk-sharing tools to attract more sustainable and green investments. The Governor noted that many developing economies still face significant challenges, including persistent inflationary pressures, a shortage of green finance instruments, and limited flows of sustainable investment projects. He argued that addressing these challenges is essential for delivering on global climate and development commitments. In discussing Africa's development, Abdalla underlined the need to deepen local financial markets and broaden the adoption of advanced technologies—including artificial intelligence—to improve productivity and enhance the quality of financial services. He emphasised that public–private partnerships are critical to delivering strategic infrastructure projects, particularly those with cross-border dimensions that can advance regional integration and trade. Abdalla reiterated Egypt's support for the proposed programme to strengthen cooperation between the G20 and Africa in infrastructure, climate action, and technological innovation over the 2026–2030 period. He stressed that sustained collaboration between African economies and G20 members is vital to achieving shared development goals. Concluding his remarks, Abdalla reaffirmed that financial inclusion remains a cornerstone for fostering equitable and inclusive economic growth. He called for measures to expand non-financial services for small and medium-sized enterprises (SMEs), simplify know-your-customer (KYC) procedures to ease access to financial services, and create reliable, comprehensive databases. Additionally, he emphasised the importance of developing alternative credit assessment models to serve underserved populations while addressing potential bias and exclusion risks associated with artificial intelligence and digital tools. In parallel, Yasser Sobhi, Deputy Minister of Finance, took part in multiple sessions, including discussions on strengthening cooperation between the G20 and the 'Compact with Africa' initiative. This initiative aims to accelerate structural reforms, boost private sector participation, and attract higher flows of foreign direct investment to African and emerging economies. Sobhi also participated in sessions focusing on infrastructure investment and international taxation. Discussions highlighted the crucial role of the private sector in financing and executing infrastructure projects. Participants stressed the need to create a fair and balanced international tax system that reflects the interests of both developed and emerging economies, ultimately promoting tax justice and supporting sustainable revenue generation for developing countries. Menna Allah Farid, Assistant Governor for External Relations at the CBE, attended a session where the G20 African Experts Group presented its recommendations. She welcomed the experts' work to bring forward African perspectives on global economic issues and endorsed proposals to broaden the 'Common Framework' for debt treatment, mobilise additional development finance, optimise the use of Africa's natural and financial resources, and reassess credit rating methodologies that often disadvantage African countries. Farid called on the G20 to integrate these recommendations into its financial track agenda to ensure concrete benefits for the African continent. Looking ahead, the fifth G20 Deputy Finance Ministers and Deputy Central Bank Governors Meeting is scheduled for October 2025, alongside the fourth G20 Finance Ministers and Central Bank Governors Meeting. Both events will take place in Washington, D.C., on the sidelines of the IMF and World Bank annual meetings, where discussions will continue on global financial reform, sustainable finance, and inclusive growth strategies.
Daily News Egypt
13-07-2025
- Business
- Daily News Egypt
Egypt participates in permanent bureau meeting of Arab Central Bank Governors in Abu Dhabi
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), took part in the Annual Meeting of the Permanent Bureau of the Council of Arab Central Banks and Monetary Authorities' Governors, held on Sunday, 13 July 2025, in Abu Dhabi. The meeting is a preparatory step ahead of the Council's 49th Annual Meetings, scheduled for September 2025. On this occasion, Abdalla reaffirmed the CBE's strong commitment to active participation in all committees and working groups under the Council's umbrella. He underscored the importance of unified efforts to deepen integration among Arab central banks and reinforce joint coordination. Abdalla also stressed the shared goal of establishing resilient Arab banking frameworks capable of responding effectively to regional and global economic and financial challenges. During the meeting, participants reviewed the outcomes of several specialized Arab committees operating across key banking and financial sectors. These included the Arab Committee on Banking Supervision, the Arab Committee on Payment and Settlement Systems, the Arab Committee on Credit Information, the Arab Financial Inclusion Task Force, the Financial Stability Task Force, the Arab Regional FinTech Working Group, and the Arab Green and Sustainable Finance Network. The meeting further discussed progress on the preparation of the Arab Financial Stability Report and the Joint Arab Economic Report for 2025, which are slated for approval at the Council's upcoming annual gathering. Additionally, participants reviewed and proposed topics for inclusion in the 2025 Unified Arab Discourse, which will be presented at the Annual Meetings of the World Bank Group and the International Monetary Fund in October. This discourse aims to reflect the collective priorities and perspectives of Arab countries on global economic issues.
