Chairman of the Financial Regulatory Authority (FRA):
• Lack of financial awareness is the biggest challenge preventing the development and growth of non-banking financial markets in Egypt
• FRA’s Community role will exceed the dissemination of financial awareness to provide training opportunities for university students
Dr. Mohammed Omran, FRA’s Chairman asserted that building Youth’s financial awareness is a key step to prepare more enlightened investors for -tomorrow- having the ability to improve the investment climate. He added that as non-banking financial services are linked to the fast-growing international markets, FRA has to pay great attention to the youth – as a national priority – and to raise awareness and participate in knowledge initiatives on various activities under FRA’s supervision, especially the capital market, insurance, private insurance funds and microfinance.
He added that the Authority, in light of its societal role with the youth will go beyond the dissemination of information and will develop the capabilities of students and their personal and professional skills as a framework for raising the financial awareness. In addition, FRA will provide training opportunities during the summer vacation to the most distinguished university students and graduates of universities and other related entities in order to find a renewed spring of trained manpower that will be easily integrated into the labor market.
During the signing of the memorandum of understanding between the Authority and the Arab Academy for Science, Technology and Maritime Transport among leaders of the Authority and members of the academic staff of the Academy, Dr. Omran revealed that both parties agreed to hold series of briefings on FRA’s role and its activities in coordination with the staff of the Academy’s Department of awareness. That is besides arranging monthly lecture at the Academy on specialized activities under FRA’s supervision and participating in small projects prepared by the Academy. He stressed that the Authority’s cooperation with the mass media in highlighting financial education activities would reach our message to students of universities, higher institutes and academies where students are estimated by 2.85 million in Egypt according to the latest statistics.
On the other hand, Dr.Ismail Abdel Ghafar Ismail, President of the Arab Academy for Science, Technology and Maritime Transport stressed that the Academy as an educational institution is keen to sign such agreements with financial institutions to raise the efficiency of its students, qualify them to work and encourage them to become entrepreneurs for small and medium enterprises in order to reduce unemployment and push the wheel of economic development. The memorandum of understanding signed today by the Center for Continuing Education and Community Service with the Authority will provide the students of the Academy with distinguished practical training at a regulatory institution will add to the students and they will apply the sciences they have studied. In addition, FRA’s staff will enjoy special financial treatment during applying for graduate studies at the Academy as well as their children at the university level.
Dr. Omran noted that the Authority received more than 3800 training requests in response to FRA’s announcement on its website www.fra.gov.eg on providing training internships for graduates of the Egyptian universities to qualify them to work in various departments of the Authority in a procedure that helps to complete FRA’s institutional structure. Also, the announcement aims at attracting qualified human cadres with distinct skills that is within the framework of FRA’s community role. He added that by the end of the training period which is extended for three months, it is possible to choose the best elements with distinctive personal characteristics to be considered by the Authority in order to support the institutional structure with such qualified human cadres.