Egypt launches central bank-backed scholarships for top students, those hit by US aid halt

Egypt’s central bank and the ministry of higher education signed two cooperation protocols on Monday to fund scholarships for outstanding students from disadvantaged backgrounds and those affected by the suspension of a US aid programme.

The agreements, signed by Central Bank of Egypt (CBE) Governor Hassan Abdalla and Higher Education Minister Ayman Ashour, aim to provide full scholarships covering tuition, accommodation, and living expenses, starting in the 2024/25 academic year, a CBE statement read.

The first protocol will target top-performing students benefiting from Egypt’s Takaful and Karama social protection scheme and those exempted from tuition fees, with priority given to students from border governorates and people with disabilities. A dedicated account will be opened across the banking sector to collect donations to sustain the programme.

The second protocol will support 846 students whose studies were disrupted by the suspension of the US assistance programme, covering their housing and living costs at public, private, and foreign universities in Egypt.

“The protocols reflect the central bank’s commitment to investing in human capital as a cornerstone of economic and social development,” Abdalla said.

Ashour noted this was the first cooperation of its kind with the central bank, adding that a new online platform has been launched for students to apply for national university scholarships.

Attribution: Amwal Al Ghad English