The Central Bank of Egypt launched several initiatives within the activities of the Arab Financial Inclusion Day. The organization of events for the current year 2023 comes under the slogan “Enhancing financial inclusion to support efforts to confront the repercussions of climate change”, and this comes out of the great interest of the Board of Governors of Central Banks and Arab Monetary Institutions in the issue of providing the necessary financing to meet the requirements of climate goals, which is an issue that represented one of the important priorities of the conference. The twenty-seventh Climate (COP27) was hosted by Egypt in November 2022.
In light of the important role that financial inclusion plays in facing the repercussions of climate change, and in promoting sustainability and environmental preservation efforts, the Central Bank of Egypt, in partnership with the World Food Program, launched a project to increase the productivity of small farmers and raise their standard of living by unifying holdings, diversifying and increasing income sources.
In addition to lining agricultural waterways, encouraging the use of modern irrigation methods to enhance the efficiency of water use, and the use of solar energy panels in agriculture, which reflects the importance of financial inclusion in promoting sustainability efforts and preserving the environment.
In the same context, the banking sector is making unremitting efforts to expand financing projects that take into account the environmental component of society, such as clean and renewable energy projects, and projects that take into account the social dimension represented in small, medium and micro industries projects, as well as projects with intensive employment to create more job opportunities and reduce poverty rates. And raising the standard of living in the areas most in need, in order to complement the role of banks in supporting the country’s developmental vision.