Dr. Omran: The new administrative capital is suitable for being the nucleus and model of green cities
• Dr. Omran: Signing a memorandum of cooperation between the Financial Regulatory Authority (Egypt) and the Astana Financial Services Authority (AFSA) in the Republic of Kazakhstan
Dr. Mohammed Omran – FRA’s Chairman participated -today- in the opening session of the Astana Finance Days conference held in Kazakhstan , upon the invitation of the Governor of the Astana International Financial Center as a speaker on the development of financial markets ,regulatory systems and green growth. Also, speakers include Kwon Chung – Minister of Energy of Kazakhstan who won Nobel Peace Prize 2007 and the Korean expert on climate change. FRA’s chairman is scheduled to speak at a seminar on international cooperation to achieve sustainable financing in the second day of conference.
In his speech to the participants, FRA’s Chairman pointed out that the transition to the green economy and sustainable development is not an option but an obligation for all countries. He added that investment and tax incentives should be given to achieve this, asserting that there may be a cost in the short term but this can not be compared to the long-term benefits.
Dr. Mohammed Omran stressed on the necessity of reducing heat emission, promoting environmentally-friendly project and working on green communities. Also, he called on the governments of emerging market countries to adopt green economic growth, especially the Egyptian government, stating that the new administrative capital can be a nucleus and a model for green cities and this experience shall be copied and spread in other cities inside Egypt.
FRA’s Chairman called for the need for a community dialogue and a national strategy adopted by the state with a clear road map for how to achieve this, especially as there are many countries in the world which have different strategies to apply the concept of green growth in managing their communities.
Moreover, FRA’s Chairman referred to the role of financial markets and other non-banking financial activities in mobilizing savings and optimizing the available resources to achieve green and sustainable development goals by preparing the needed legislative environment and regulatory framework to encourage the issuance of environmentally friendly financial instruments.
In response to the request of the Governor of the Astana Financial Center, FRA’s Chairman will sign a memorandum of cooperation between the Financial Regulatory Authority (FRA) and the Astana Financial Services Authority (AFSA) on the sidelines of the conference to facilitate the bilateral cooperation in the field of financial supervision and exchange of information, studies and expertise.
Also, FRA’s Chairman addresses the invitation to celebrate the inauguration of the President of the Republic of Kazakhstan to the Astana Financial Center as well as the celebration of the 20th anniversary of the establishment of the city of Astana (the capital of Kazakhstan).
It is worth mentioning that the Astana Financial Services Authority (AFSA) is an independent regulator of the Astana International Financial Centre (AIFC) in Kazakhstan. Its mission is to become a financial center for the capital markets, asset management, Islamic finance, Fintech, banking and green finance. The Astana Financial Services Authority (AFSA) regulates and supervises the financial services and capital markets sector at the Astana International Financial