Dr. Mohammed Omran, Executive Chairman of FRA, announced today that FRA is ambitious and committed, to be a leading example and model for global financial regulatory authorities, and also for non-banking financial institutions it regulates in Egypt, in the area of sustainable development.
Accordingly, UN Global Compact accepted FRA as a participant public sector organization on 16 January 2019. FRA has become the 206th public sector organization joining the UN Global Compact and the second financial regulatory authority, after the Securities Commission of the Republic of Serbia, which joined UN Global Compact in February 2017.
In signing the UN global compact initiative, FRA emphasizes its commitment to implement UN Global Compact principles in its operations and strategy, and also confirms FRA’s support of the ten principles of the UN Global Compact with respect to human rights, labor, environment and anti-corruption.
Dr. Mohammed Omran added that FRA has introduced a new Sustainability Department in its latest organizational re-structuring, which will be operational shortly. The newly introduced Sustainability Department will be in charge of FRA’s sustainability strategy to ensure that FRA promotes more Environment, Social and Governance (ESG) indicators. It will also coordinate FRA’s efforts with various non-banking financial institutions, to promote green and sustainable finance development in Egypt. Finally, the department will liaise and cooperate with international, regional, and local organizations and entities that focus on sustainability development.