12 December 2017 08:10 AM

President Sisi’s Speech during 9th Annual International Conference for Financial Inclusion

Thursday، 14 September 2017 - 12:00 AM

Ladies and Gentlemen,

Egypt’s Dear Guests

Allow me in the beginning to welcome you on behalf of the people of Egypt… and to express our gratitude for selecting Egypt to host your annual conference which became a significant event thanks to its serious subjects and in-depth discussions, in addition to its recommendations and decisions, which ensured that the financial inclusion has its decisive effects on the socio-economic development policies worldwide.

Ladies and Gentlemen,

I am certain that the selection of Egypt by the International Alliance for Financial Inclusion to host this conference was based on objective criteria and accurate monitoring of Egypt’s serious reform policies; whose results are reflected in the growing confidence of the world that we are moving forward on the right track with persistence and determination.

I tell you frankly and clearly, we took off according to a pure Egyptian national vision, as we have honestly and impartially identified our problems. In this respect, we drafted Egypt’s Development Strategy, until the year 2030, as we had specified applicable objectives and priorities, used well-studied and organized mechanisms and tools, adhered to specific schedules, applied the necessary policies and decisions, some of which were delayed for long periods while others were inevitable if we want a real reform free of false promises and bright slogans, relying on the trust of the people of Egypt, who shouldered us the responsibility. It is a great people to whom I extend my greetings and respect for his resilience and ability to face the serious challenges and for the wisdom, awareness and civilization reservoir which he enjoys.

I confirm to you all that the path of reform is beginning to bear fruit. In this vein, the decisive economic decisions that were adopted had succeeded to raise the volume of foreign currencies reserve to more than $ 36 billion; a significant achievement within the framework of the time and circumstances that hit Egypt since January 2011 and June 2013 Revolutions. Furthermore, we succeeded to control the black market currency, thus empowering the potentials and resources of our banks. The positive affects extend to furthering our competitive ability in exportation, decreasing the trade balance deficit and attracting local and foreign investments.

On the other hand, we reached an economic growth rate of around 4.9% during the last quarter of the past fiscal year 2016/17, against 4.1% in the previous quarter, and 2.3% during the corresponding quarter of the fiscal year 2014/15. Furthermore, the budget deficit declined to 9.5% during the last quarter of the past fiscal year 2016/17 against 11.5% of the previous corresponding period. In this vein, we had applied an objective of reducing the inflation to around 13% in 2018.

Within the framework of encouraging investment and supporting youth, the government has lately adopted several important measures including the enactment of the Unified Investment Law that offers the best package of attractive incentives in all fields and levels of investment. Moreover, ongoing initiatives for supporting micro, small and medium-sized enterprises; had been launched for being fundamental pillars for boosting the economy and productive capability and providing job opportunities; thus furthering our resources and enabling us to compete on various levels.

Ladies and Gentlemen,

I put forward all this in the light of the financial inclusion that has become a main strategic target of the states worldwide since it has close link in terms of the achievement of financial stability and economic growth, in addition to its impact on the lives of peoples regarding improving their standards of living, especially the most needy categories.

Egypt is looking forward to become a leading nation in the field of financial inclusion. In this respect, we have started a new stage in which we are working for including the citizens on the financial level, which would contribute to the diminishing of the unofficial economy.   

We, also, give a due attention to overcome all the obstacles that deny access of the official financial services to all people’s categories, especially the financially excluded ones such as women and youths.

I believe in the ability of the Central Bank of Egypt to play a leading role in coordinating between all the state parties concerned in order to achieve financial inclusion, and thus changing it from just concepts and policies to executive and practical measures that we all will reap its fruits.

 

 

 

 

Ladies and Gentlemen,

Generous Assembly,

I would like to welcome you again in Egypt and highlight our great appreciation to the Alliance for Financial Inclusion (AFI) for its efforts in this field.

I hope the conference would achieve its goals putting forward practical and effective recommendations to boost financial inclusion. I would, also, like to praise the role of the Central Bank of Egypt for its efforts in enhancing the financial inclusion in Egypt since the global experiences confirmed the pivotal role of the central banks in pushing forward the wheel of financial inclusion within the framework of contributing to achievement of sustainable development and social justice.

Thank you and wish you the very best of luck

May Peace and Allah’s Mercy and Blessings Be Upon You.

 

 

 

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