Planning Minister receives a report on the executive position on implementing the financial inclusion strategy in the “Decent Life” project
19 November 2023
H.E. Dr. Hala El-Said, Minister of Planning and Economic Development, received a briefing on the implementation of the financial inclusion strategy in the "Decent Life" rural development project in Egypt, which includes financial inclusion targets in the villages of the presidential initiative and the main realizations of financial inclusion during the period (July 2021 - June 2023).
Dr. Hala El-Said stated that “A Decent Life” is a project of the Egyptian state, in which all government agencies participate in its implementation, along with civil society institutions and the private sector, in a way that ensures the provision of integrated services.
Meanwhile, El-Said praised the ongoing cooperation with the Central Bank of Egypt (CBE) and partner banks to expand the implementation of the financial inclusion strategy in the villages of “A Decent Life,”.
The aforementioned cooperation resulted in significant development of the financial infrastructure in the villages of the (Decent Life) initiative.
It also provides a range of financial and banking products and services, strengthening the state’s plans for digital transformation and integration of the informal economy.
Meanwhile, Dr. Jamil Helmy, Assistant Minister for Sustainable Development Plan Follow-up Affairs, highlighted the coordination efforts with CBE to expand the implementation of the financial inclusion strategy in “A Decent Life,” by conducting field visits to monitor the needs of villages.
Helmy added that these joint efforts resulted, over the past two years, in covering local units with automated teller machines (ATMs) by 100%, which contributes to improving the standard of living of citizens and saving the time and cost of moving to cities.
“ 127 bank branches were also established and developed, including in Assiut Governorate (36 branches), Qena (14 branches), Minya and Sohag (14 branches in each governorate), Beheira (9 branches), and Menoufia (8 branches),” Helmy said.
Assistant Minister of Planning Dr Jamil Helmy, who is responsible for the “Decent Life” initiative file stressed that the financial inclusion strategy attaches great importance to enhancing the economic empowerment of citizens in the countryside, by providing loans to small and micro projects, which amounted to about 163,000 loans.
Helmy noted that approximately 1,450 information columns and seminars were organized to spread awareness about the importance of the implementation aspects of financial inclusion and how to benefit from technological advances in financial transactions and the government's digital transformation plan, which benefited 105,000 citizens.
He added that 39,000 E-banking services have been opened to facilitate the use of cellular applications in conducting various banking transactions, including in Sohag Governorate (12,000), Assiut (8,000), Qena (about 6,000), and Minya (2500).
20,000E-wallets have also been opened to link bank accounts or cards to mobile phones, making it easier to make payments and purchases and reduce the cost of providing financial services, in addition to more than 5,000 (QR Code), for immediate access to any content or information included in the app.
It is worth noting that the Ministry of Planning has made the report available on its official website, and it can be viewed through the URL: