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FRA celebrates its 10th anniversary – Wednesday 11/12/2019

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Dr.  Mohammed Omran – FRA’s Chairman asserted that the decision to merge the three bodies into one regulatory body has placed Egypt at the forefront of emerging countries. This step has contributed greatly to create the first clear comprehensive institutional framework for the non-banking financial sector.

During a celebration organized by FRA  on the occasion of its  10th anniversary as a unified regulatory body for the non-banking financial sector, and on the occasion of celebrating eighty years in serving  the Egyptian economy since the first legislation for insurance activity in 1939,
FRA’s Chairman said that by the end of the first decade of FRA’s establishment, we had to launch a new road map for the non-banking financial sector that redirects FRA’s work, supports challenges, ambitions and hopes.  A road map that rebuilds an inclusive non-banking financial sector that stimulates growth, that is independent and capable to achieve gender equality, transforms financial inclusion from visions and ideas into reality and places women’s empowerment and low-income people on its top priority.

The celebration took place at FRA’s headquarters in Smart Village on Monday 9 December 2019 under the patronage and in the presence of Eng. Mustafa Madbouly, Prime Minister of Egypt. The celebration was attended by a number of Ministers, the Governor of the Central Bank of Egypt and the World Bank Group Senior Vice President and representatives of a number of judicial bodies and international economic and investment institutions.  In the next day, prominent international economic figures – known – in capital market activities and sustainable development attended the celebration and spoke at a number of workshops tied closely with performance issues and developments in non-banking financial activities. This is in addition to honoring FRA’s former chairmen who chaired the Authority since the merger, starting with Dr. Ziyad Bahaa El Din, FRA’s first Chairman, Dr. Ashraf Elsharkawy, Mr. Sherif Samy.  Also, FRA honored Mr. / Tarek Amer, the Governor of the Central Bank, Dr. Mahmoud Mohieddine, former Minister of Investment and Mr. Ibrahim Abdel Hamid, FRA’s board member.

FRA’s Chairman moderated the first panel discussion entitled “The Financial Sector and Access to Finance”. The discussion covered ways to encourage listing of new companies on the Stock Exchange, the Role of relinquishing State-Ownership in Enhancing Stock Exchanges and working with SMEs and Micro Enterprises through Different Forms of Finance. The workshop also discussed means of providing financing from multiple perspectives, by Dr. Sahar Nasr, Minister of Investment and representatives of investment banks in Egypt. That is besides introducing the vision of Mr. Paul Andrew – IOSCO Secretary General and Prof. William L. Megginson, Professor of Finance at University of Oklahoma.

On the other hand, the events witnessed a round table entitled ” Mobilizing Finance to Accelerate Sustainable Development and Inclusive Growth” moderated by Dr. Mahmoud Mohieldin – Senior Vice President of the World Bank Group for the 2030 Development Agenda, United Nations Relations and Partnerships to shed light on global and local challenges to improve sustainable financing and inclusive growth. The discussion presented prevailing models and trends in governance of sustainable finance, the expected role of financial regulators and international organizations in re-directing capital towards sustainable Finance. Dr. Hala Al Saed, Minister of Planning, Monitoring and Administrative Reform and Ms Malinne Blomberg, Country Manager African Development Bank Group in Cairo participated in this discussion.  In addition, the round table included a display of Egyptian insurance sector’s vision and integrating sustainability principles into the performance plan and especially in the sector’s investments.

The last workshop dealt with impacts of using technology within the financial sector, and the efforts exerted to embrace the turmoil. Also, it discussed the effects of new technologies and innovation in financial markets. It introduced the risks and challenges facing the regulator as a result of the financial sector’s rushing to employ technology in its activities, the process that has come to be known as financial inclusion and the consequent updating of the regulatory framework to keep pace with innovation and modern technologies while at the same time continuing to protect investors.  A number of investment banks’ representatives and the Polish Financial Supervision Authority participated in this workshop.

During the events, FRA’s Chairman stressed that the Authority’s vision for the non-banking financial sector is based on the belief in community dialogue over decisions and laws that are developed or amended. He added, “We are all partners in achieving the interest of this sector and we will continue to expand the application of governance practices in the sector and providing the greatest protection for minority rights”.  Also, he pointed out that the authority’s message has been translated into a slogan that was launched over the past two years “Building bridges not walls”, adding that this reflects the regulator’s vision in continuous communication with the non-banking financial sector. He emphasized that the regulator’s role was not limited to surveillance only, but focused his entire efforts in working to create an enabling and encouraging environment for investment, an environment open to development and modernization while protecting investors.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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