Latest news with #HassanAbdalla
Daily News Egypt
3 days ago
- 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.
See - Sada Elbalad
15-07-2025
- Business
- See - Sada Elbalad
Egypt, China sign 3 MoUs to boost financial, payment system ties
Basant Ahmed The Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, received his Chinese counterpart Pan Gongsheng in Cairo, where the two officials discussed enhancing bilateral financial cooperation and witnessed the signing of three memoranda of understanding (MoUs) aimed at deepening economic ties. The first MoU was signed between Suez Canal Bank, China-Africa Investment Company (TEDA), and CIPS Limited, the operator of China's Cross-Border Interbank Payment System. The agreement aims to promote the use of the Chinese yuan among businesses operating in the Egypt-China Economic and Trade Cooperation Zone. The second agreement was signed between Chinese payment firm Pay and the Egyptian Banks Company (EBC), which manages Egypt's national payment infrastructure. This partnership seeks to improve Egypt's electronic payment ecosystem and broaden acceptance of Pay cards across points of sale and online platforms throughout the country. Pay also signed a separate MoU with Egyptian fintech PayMob to expand the acceptance of its cards among merchants and websites affiliated with PayMob. Discussions between the two sides focused on several key areas, including a local currency swap agreement, settling payments in local currencies, Egypt's issuance of Panda bonds in the Chinese market, and linking the two countries' payment systems. They also explored ways to boost the presence of Chinese banks in Egypt and Egyptian banks in China to encourage joint investments. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Zawya
14-07-2025
- Business
- Zawya
Egypt: CBE, People's Bank of China sign MoU to boost financial cooperation
Arab Finance: The Central Bank of Egypt (CBE) signed a memorandum of understanding (MoU) with the People's Bank of China (PBoC) to strengthen banking and financial ties between the two countries, according to a press release. The agreement was inked between Hassan Abdalla, Governor of the CBE, and Pan Gongsheng, Governor of PBoC, to boost collaboration across various areas of mutual interest. Under the MoU, the two central banks will exchange information and professional expertise, as well as the training and development of staff. The areas of cooperation include monetary policy, financial markets, e-payments systems, financial and supervisory technologies, and banknote issuance. Furthermore, the agreement aims to encourage the use of local currency settlements for cross-border financial and trade transactions, in addition to facilitating direct investments between the two countries to foster economic integration. The deal, which also covers deepening cooperation on Central Bank Digital Currencies (CBDC), backs financial innovation by leveraging advanced technology through conducting joint research and studies, as well as exchanging technical information and expertise. 'This MoU reflects the evolution of the historic ties between Egypt and China. It demonstrates both institutions' commitment to strengthening partnerships between their respective financial institutions in light of global economic developments,' Abdalla stated. He also indicated that this step is expected to 'elevate economic cooperation to more advanced and effective levels.' For his part, Pan said: 'The signing of this MoU marks a pivotal step in advancing economic relations between Egypt and China.' 'This agreement will facilitate the sharing of best practices and regulatory coordination in both jurisdictions, creating an enabling environment to unlock the greater potential of bilateral financial cooperation,' he added. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
See - Sada Elbalad
13-07-2025
- Business
- See - Sada Elbalad
CBE Governor Attends Meeting of Council of Arab Central Banks in Abu Dhabi
Taarek Refaat Press Statement Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), participated in the Annual Meeting of the Permanent Bureau of the Council of Arab Central Banks and Monetary Authorities' Governors, held in Abu Dhabi on Sunday. This meeting is a key step in preparing for the 49th Annual Meetings of the Council, scheduled for September 2025. On this occasion, Abdallah reaffirmed CBE's unwavering commitment to robust participation in all committees and working groups affiliated with the Council, emphasizing the significance of unified efforts to enhance integration among Arab central banks and strengthen joint coordination. He further highlighted the collective mission to establish resilient Arab banking frameworks capable of addressing regional and international economic and financial challenges. In the same context, the meeting reviewed the outcomes of the specialized Arab Committees across various banking sectors, including: 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 also explored the progress made in preparing the Arab Financial Stability Report and the Joint Arab Economic Report for 2025, in preparation for their approval at the upcoming meeting of the Council of Arab Central Banks and Monetary Authorities' Governors scheduled for September 2025. Additionally, the meeting discussed the proposed issues for inclusion in the 2025 Unified Arab Discourse, which will be presented during the Annual Meetings of the World Bank Group and International Monetary Fund in October, reflecting the aspirations and perspectives of the Arab countries. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
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.
