Prime Minister Dr. Mostafa Madbouli held a meeting with Dr. Mohammed Omran- FRA’s Chairman to follow up the timeframe set for implementing FRA’s Comprehensive strategy for non-banking financial services (2018-2022). They discussed FRA’s tendency towards digital transformation, adopting policies that achieve financial inclusion and sustainable development and its efforts in building a strong risk management system. Dr. Mohammed Omran, FRA has presented the most important developments in the non-banking financial services sector during the second year of the four-year strategy program that aims at creating an inclusive non-banking financial system that is a catalyst for economic growth.
FRA’s Chairman presented the Authority’s efforts to achieve sustainable development during 2019. He gave an overview of the activities carried out by FRA in the field of sustainable development aiming at being a role model that shall be followed upon adopting and implementing principles of sustainability.
FRA’s Chairman highlighted the Authority’s efforts towards adopting Principles for Sustainable Insurance (PSI), that initiative which include all the principles of sustainable development within the policies and plans of insurance companies to preserve the resources of the current generation and without prejudice to the rights of future generations. Thus, the insurance sector in Egypt is witnessing the birth of a partnership with the United Nations Environment Program (UNEP).
Also, FRA’s Chairman presented what has been achieved in early 2019, where FRA became a “key” partner of the UN Global Compact initiative, becoming the first Egyptian governmental entity to adhere to the initiative and adopt its ten principles as basic principles. On the other hand, FRA became a member of the Sustainable Insurance Forum (SIF) in March 2019. The said forum is the highest organization to promote sustainability and apply its principles in all its activities, including many insurance regulators in the world.
Moreover, International Network of Financial Centres for Sustainability (FC4S) has accepted FRA’s membership in its network that spread all over the world. Egypt becomes the 26th member of the network, in a step towards further partnerships with all international organizations concerned with sustainability and to settle green economy within the arteries of the Egyptian economy.
On the other hand, Prime Minister discussed the status of the new legislations that are being prepared, including the amendment to Law No. 10 of 2009 on organizing the Financial Regulatory Authority (FRA), which is expected to be presented to the House of Representatives Plenary Session during the next cycle that is besides other new legislations.
As part of the FRA’s efforts to organize a celebration marking the tenth anniversary of its establishment, Prime Minister suggested that the celebration to be held at FRA’s headquarters in the presence of local and international entities. On the sidelines of the celebration, many issues related to the core of FRA’s work and its impact on the Egyptian economy will be discussed.
The celebration will be under the patronage of Prime Minister and he will attend the event before the end of this year in appreciation of the Authority’s efforts in regulating and controlling non-banking financial activities.
He also welcomed the Authority’s initiative to establish an integrated educational center in support of the dissemination of financial awareness and investment culture. The educational center includes the Egyptian Institute of Directors (EIoD), the Financial Service Institute (FSI) , the regional financial centre for sustainable development and the Arbitration Center which was recently established pursuant to a Republican Decree to settle disputes arising from non-banking financial transactions.
At the end of the meeting, FRA’s Chairman thanked the Prime Minister for his continuous support to the Authority and his keenness to follow up its work and communicate with its management periodically.