The Banking Sector Support and Development Fund was established under the Central Bank and Banking Sector Law No. 194 of 2020.

The Central Bank of Egypt announced the launch of the Banking Sector Support and Development Fund and the formation of its Board of Directors for a four-year term, headed by Hassan Abdullah, Governor of the Central Bank of Egypt.

The fund has a legal personality and an independent budget and is affiliated with the Central Bank. It includes all banks as members. According to its bylaws, the fund takes all necessary measures to achieve its objectives, especially regarding enhancing the shared infrastructure supporting national payment systems, developing digital infrastructure and financial technology in the banking sector, responding to IT incidents and cyberattacks and recovering from them, in addition to supporting an environment of creativity and innovation, developing banking products and services, and all development operations that contribute to improving banks’ efficiency, as well as promoting financial culture and enhancing financial inclusion.

The fund may establish joint-stock companies or participate in existing companies as necessary to achieve its goals and advance its competencies. It may also conclude cooperation protocols, memoranda of understanding, or agreements to coordinate, cooperate, and exchange information and expertise with relevant local and international entities.