The Central Bank and the EU Ambassador Announce the Extension of the African Central Banks Support Program Until 2027

 the Central Bank of Egypt (CBE) and H E Ms Angelina Eichhorst, European Union (EU)

Ambassador to Egypt and the League of Arab States inaugurated the 9th Steering Committee Meeting

of the EU-funded regional initiative supporting African Central Banks The initiative aims to strengthen

financial stability, resilience, and governance through capacity-building and enhanced cooperation

between African and European central banks The meeting held at the CBE headquarters, also marked

the announcement of the programme’s extension until December 2027

EU-Funded Programme Extended to Foster Financial Stability in Africa

The EU-funded programme, designed to support African central banks, was extended for an additional

two years, now running until December 2027 This extension aims to continue fostering macroeconomic

stability and financial resilience across Africa, with a focus on the key priorities of reform, governance

and capacity building H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt, highlighted that

since its inception in December 2023, the programme has been instrumental in facilitating peer-to-peer

collaboration between African and European central banks This collaboration has led to positive outcomes

including enhanced capacity development, knowledge exchange, and support for critical reforms addressing

global economic challenges Abdalla further emphasized that the programme’s extension will enable a broader

scope of technical support, enhancing the policies and frameworks that underpin financial stability, transparency

and sustainable economic growth

Key Focus Areas of the Programme

The EU-funded programme targets several critical areas crucial for financial and

economic stability in Africa

Climate Change: Addressing the impact of climate change on financial systems

Digitalisation: Promoting digital transformation in the banking sector

Artificial Intelligence: Integrating AI into central banking practices for greater efficiency and decision-making

Governance: Strengthening governance structures within African central banks

Anti-Money Laundering: Enhancing measures to combat money laundering and financial crimes

The extension of the programme will further support these areas, helping African countries

strengthen their financial institutions and ensure greater long-term economic sustainability

Collaborative Efforts Between African and European Central Banks

The programme is managed by a consortium of European institutions, including the Deutsche

Bundesbank, the Banque de France, and the European Central Bank Other partners include the

Nationale Bank van België/Banque Nationale de Belgique, the Banco de España, the Banca d’Italia

Lietuvos Bankas, the Banco de Portugal, and the Národná Banka Slovenska This collaborative model

between European and African central banks has proven highly effective in creating an exchange of

expertise and best practices

African Central Banks Benefiting from the Programme

The initiative benefits a wide range of African central banks, including the Central Bank of Egypt

(CBE), the National Bank of Angola, the Central Bank of West African States (BCEAO), the Bank of Central

African States (BEAC), the Bank of Ghana, the Central Bank of Kenya, Bank Al-Maghrib (Morocco

the Bank of Mozambique, the Bank of Namibia, the South African Reserve Bank, the Bank of Tanzania

and the Central Bank of Tunisia, covering a total of 24 African countries

Strengthening Financial Resilience and Supporting Sustainable Growth

The ultimate goal of the EU-funded programme is to bolster the financial resilience of African economies

fostering an environment conducive to trade, investment, and sustainable growth Through capacity-building

technical support, and the implementation of sound financial policies, the programme continues to make

significant contributions to the stability and growth of Africa’s banking sector

The extension of the African Central Banks Support Programme until 2027 represents a strategic

step toward ensuring the long-term stability and resilience of African financial systems The continued

collaboration between European and African central banks will not only contribute to enhanced governance

and financial integrity but also foster sustainable economic development across the continent