Egypt has launched an initiative to make it easier for its citizens working abroad to open domestic bank accounts through its diplomatic missions, a move aimed at incentivizing remittances and investment.
The Central Bank of Egypt (CBE) and the Ministry of Foreign Affairs, Emigration, and Egyptian Expatriates launched the “Open Your Account in Egypt” initiative in collaboration with the state-owned National Bank of Egypt (NBE) and Banque Misr.
A joint cooperation protocol was signed at the CBE’s headquarters, witnessed by CBE Governor Hassan Abdalla and Foreign Minister Badr Abdelatty.
Under the initiative, Egyptians abroad can open an account with NBE or Banque Misr by visiting their nearest Egyptian diplomatic mission or consulate to complete and sign the account opening form. The diplomatic mission will verify the forms, which will then be re-verified by the foreign ministry in Egypt before being sent to the banks for processing.
Source: Daily News
