The Central Bank of Egypt (CBE) has taken a major step to enhance the financial inclusion and economic empowerment of women by officially joining the European Bank for Reconstruction and Development’s (EBRD) Women Entrepreneurs Finance Initiative (We-Fi). CBE Governor Hassan Abdalla signed the agreement in the presence of Jürgen Rigterink, First Vice President of the EBRD, and Matteo Patrone, Vice President for Banking at the EBRD.
The signing ceremony signifies a vital advancement in improving financial access and support for women-owned micro, small, and medium enterprises (MSMEs) in Egypt. The program seeks to offer necessary technical assistance and streamline financial accessibility for female entrepreneurs, thus fostering gender equality in the economic sector.
Governor Hassan Abdalla highlighted the significance of this initiative, aligning with the state’s endeavours to boost women’s financial inclusion and economic empowerment. Abdalla underscored that the agreement demonstrated their dedication to fostering a supportive environment for female entrepreneurs in Egypt. Through enhancing financial access and offering essential technical assistance, the goal is to empower women to spearhead economic growth and innovation.
Jürgen Rigterink, First Vice President of the EBRD, expressed his enthusiasm for the partnership, highlighting the potential impact of the initiative. “We-Fi is designed to address the specific challenges faced by women entrepreneurs. By collaborating with the CBE, we are confident that this initiative will significantly enhance the financial capabilities of women-led businesses in Egypt,” Rigterink said.
Matteo Patrone, EBRD’s Vice President for Banking, also underscored the initiative’s role in fostering economic inclusivity. “Supporting women entrepreneurs is not just about promoting gender equality; it is about unlocking a key driver of economic growth. This partnership with the CBE is a strategic move to ensure that women entrepreneurs have the resources and support they need to succeed,” Patrone added.
The Women Entrepreneurs Finance Initiative (We-Fi) is expected to pave the way for a more inclusive and dynamic business environment in Egypt, empowering women to contribute significantly to the country’s economic development.
