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Prime Minister reviews FRA’s role in contributing to achieve Egypt Vision 2030and follow up the most important features of the National Strategy for Non-banking Financial Services Sector

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Prime Minister and Minister of Housing Dr. Mostafa Madbouli met Dr. Mohammed Omran- FRA’s Chairman.

The meeting addressed FRA’s role in contributing to achieve Egypt Vision 2030 through introducing the most important features of the National Strategy for Non-banking Financial Services Sector which is prepared by the Authority to help in achieving financial inclusion and Sustainable Development Goals (SDGs) 2030.

The meeting reviewed the main strategic objectives and goals that the Authority seeks to achieve in the field of capital market, insurance, mortgage finance, financial leasing, and factoring and microfinance activity.

Figures indicate that the Authority is seeking to double the targets of these activities by 2022.

The meeting also presents the latest developments on the Egyptian Stock Exchange and the implications of what is happening in the international financial markets and their impact on developing markets, especially after the recent developments in countries such as Argentina and Turkey. On the other hand, the meeting presents the government IPO programme and the need to include public shares in the participating companies.

During the meeting, FRA’s Chairman stressed on the importance of financial inclusion and the close cooperation between the Authority and the Central Bank to achieve this, especially in the field of microfinance. The latest figures indicate that the microfinance activity exceeded 9.7 billion pounds by the end of 30/6/2018 and the number of beneficiaries reached about 2.6 million where 70% of them are females.

By the end of the meeting, the Prime Minister stated that the National Strategy for Non-banking Financial Services shall be submitted to the Economic Group in preparation for its final announcement. 
 

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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