«CBE» Hosts a Training Program on the Impact of Big Data Analysis and AI on the «COMESA» Member States

In light of the presidential directives to support Egyptian-African cooperation and integration, the Central Bank of Egypt (CBE) is hosting, for the second consecutive year, a training program in cooperation with the COMESA Monetary Institute (CMI) on the “Application of Big Data Analysis and Artificial Intelligence and their Impact on Central Banking”, during the period from the 18th to 22nd of August, 2024.

The program highlights the CBE’s pioneering role in achieving banking integration among African Central Banks, as it is joined by 45 participants representing 10 Central Banks from COMESA Member States, in addition to a delegation from the COMESA Monetary Institute (CMI). The training program’s events include discussions on the application of Big Data Technology and Artificial Intelligence in the Financial and Banking Sectors, with a focus on Central Banks.

Dr. Naglaa Nozahie – the Governor’s Advisor for African Affairs, emphasized the importance of the training program’s topic in raising awareness among African Central Banks on the significance of incorporating big data analysis and artificial intelligence into their key functions, especially in light to the ongoing global and regional developments. Noteworthy, the Central Bank of Egypt (CBE) is keen to advance its efforts to support capacity building of the employees in African Central Banks, especially that the CBE has been providing training programs for employees in the Central Banks of COMESA Member States for the 11th consecutive year.

Dr. Lucas Njoroge, Director of the COMESA Monetary Institute, expressed his gratitude to the CBE for its continuous contribution to building the capacities of COMESA’s central banks, highlighting the Institute’s aspiration for further collaborations with the CBE in the coming years.

During the training program, lecturers from the CBE’s Information Technology and Markets sectors contributed, in which the participants were divided into working groups to discuss current challenges and potential solutions, as a practical exercise in applying big data analytics and artificial intelligence.

At the end of the program, a set of proposals and recommendations will be formulated to deepen the understanding of how big data and artificial intelligence can enhance the operations of COMESA’s central banks. These recommendations will be discussed at the level of central bank governors during their upcoming annual meeting in Eswatini in November.