The Central Bank of Egypt Hosts a Training Course on the Application of Big Data Analysis and Artificial Intelligence

In light of the presidential directives to support Egyptian-African cooperation and integration, the Central Bank of Egypt (CBE) hosts a training course in collaboration with the COMESA Monetary Institute (CMI) on “Application of Big Data Analysis and Artificial Intelligence to Central Banking”, which is held from August 27th to August 31st, 2023.

The training course is attended by 35 participants representing 9 central banks from COMESA member states, as well as a delegation from the COMESA Monetary Institute, whereas the sessions are expected to involve discussions on the application of big data analytics and artificial intelligence in the banking & financial sectors, especially for central banks.

On this occasion, Dr. Naglaa Nozahie, Governor’s Advisor for African Affairs in the Central Bank of Egypt, emphasized on the importance of this training course, especially with regard to the current global and regional developments. She also pointed out that the CBE is keen on pursuing its efforts to support capacity building for the staff of African central banks, particularly as this year’s course marks the ninth consecutive year in which the CBE provides training courses for the employees of the central banks in COMESA countries.

In the same context, Mrs. Lobna El-Bayyar, Assistant Sub-Governor   for Business Technology Sector at the CBE, expressed the Bank’s readiness for fruitful cooperation with COMESA central banks and highlighted its commitment to providing training courses in areas of interest to these banks in the field of information technology.

On his end, Dr. Lucas Njoroge, Director of the COMESA Monetary Institute, expressed gratitude to the CBE for its ongoing contribution to building the capacities of COMESA central banks. He also pointed out that the Institute looks forward to progressive collaboration with the CBE in the coming years.

During the training course, which involves lecturers from the Business Technology Sector at the CBE, participants are divided into work groups to discuss the recent issues and challenges related to big data and artificial intelligence. Moreover, they also present possible solutions to overcome these challenges as a practical training on the application of big data analysis and artificial intelligence.

At the end of the course, a set of proposals and recommendations will be formulated, that aim to empower a greater and deeper understanding for the impact of big data analysis and artificial intelligence on the operations of central banks in COMESA countries. The proposals and recommendations will be discussed at the upcoming annual meeting of the COMESA Committee of  Governors of Central Banks, scheduled to be held in Zimbabwe in November this year.