Within the framework of the importance of developing an Egyptian national strategy that outlines the prospects for building a strong non-banking financial sector that supports the financial capabilities of the national economy, a refined version of the National Strategy for Non-banking Financial Services 2018/2022 was presented to FRA’s Board of Directors in its meeting no.8 of 2018 on Monday 30/7/2018.
Dr. Mohammed Omran – FRA’s Chairman said that many of the proposals that resulted from the community dialogue which was held in April were taken into account. He added that the strategy aims at achieving financial inclusion and enhancing the contribution of the non-banking financial sector through providing financing for projects, including small and medium-sized enterprises and micro enterprises in order to allow all groups of society, especially groups of women and youth, to benefit the most from the development and growth of the non-banking financial sector. He emphasized that FRA’s philosophy focuses in the coming stage on becoming an effective pillar for providing financing, increasing disclosure, transparency and combating corruption.
The Board of Directors of the Authority affirmed that adopting a national strategy for the non-banking financial sector is considered as an important step in building an advanced financial sector that is opened to the outside world and capable of contributing effectively to sustainable development plans to achieve the vision of Egypt 2030, this came within the context of the discussions held by the Board regarding the strategy’s objectives and its various axes. In addition, the Board agreed to grant its members more time to express their final opinion in the strategy, to be presented in its final form during the Board’s next meeting in order to be announced in its final version in coordination with the relevant authorities. On the other hand, the Board recommended the need for specific time programs and objectives to follow up on the implementation of the strategy on an annual basis so as to ensure the fact that the strategy’s objectives are being achieved.