The Central Bank of Egypt (CBE) announced a significant step towards enhancing women’s economic participation. Governor Hassan Abdullah signed the WE Finance Code initiative with the European Bank for Reconstruction and Development (EBRD).

This partnership aims to enhance access to finance for women-led businesses, particularly micro, small, and medium-sized enterprises (MSMEs). The WE Finance Code is a global initiative spearheaded by the World Bank Group, uniting governments, development banks, and private sector players.

By joining this international effort, the CBE aims to leverage technical expertise to enhance the capabilities of Egyptian banks and financial service providers in supporting women entrepreneurs. Collaboration with the Egyptian Banking Institute and other stakeholders will ensure this initiative reaches its full potential.

This initiative builds upon the CBE’s ongoing commitment to women’s financial inclusion. Since 2019, the Bank has led annual “Women Financial Inclusion Events” to promote financial literacy and encourage women to access formal financial services.

Also, the CBE collaborates with entities such as the National Council for Women and government ministries to develop and implement programs to empower women economically.

These efforts are yielding positive results. By December 2023, the financial inclusion rate for women in Egypt reached 62.7%, marking a significant increase. This means that over 20.3 million women now have access to financial services and accounts—a 244% increase compared to 2016.

Additionally, CBE initiatives launched between March 2019 and March 2023 directly facilitated over 1.2 million financial products for women, including bank accounts, smart wallets, and prepaid cards.