• Minister of Investment and International Cooperation: The first task to be held by the new Board of Director is to develop a strategy for financial inclusion of non-banking financial sector and to provide new financial tools for micro-enterprises.
• Dr. Mohammed Omran: Setting FRA’s strategy over the next four years
On Sunday, 24 March 2018, the Official Gazette – Issue no. 12 (bis) published the ministerial decree No. 541 of 2018 issued by Mr. Sherif Ismail, Prime Minister to re-form the Board of Directors of the Financial Regulatory Authority (FRA), as presented by Dr. Sahar Nasr, Minister of Investment and International Cooperation.
The decree stipulates that the Board will be chaired by Dr. Mohammed Omran, FRA’s Chairman with the membership of FRA’s Deputy Chairmen, one of the Deputy Central Bank Governor, Dr. Mohammad Moait, Mohamed Fathy Hafez Saqr, Abdul Hamid Ibrahim, Karim Bader Mohammed Kamel, Alaa Eldeen Mohammed Amer Farghaly.
Dr. Sahar Nasr asserted that the first task to be held by FRA’s new board is to develop an integrated strategy for the financial inclusion of the non-banking financial sector, thus enhancing the role of this sector in supporting the Egyptian economy, providing the necessary financing and injecting new investments. She emphasized that this will boost the economic growth rate and will contribute to the economic reform while providing new financial tools for micro-enterprises.
The Minister stressed on the importance of preparing a number of laws that will introduce new financial tools in the capital market, enhancing financial inclusion, and updating the rules governing insurance, while working on investor protection index and the availability of funding index, that is in light of the keenness to improve Egypt’s ranking in the Doing Business Report and the Global Competitiveness Report.
For his part, Dr. Mohammed Omran, FRA’s Chairman welcomed the decree of the Prime Minister and explained that the Board will review many files, especially after the issuance of amendments to the Capital Market Law, as well as discussing financial leasing and factoring Law, in addition to the law on the Authority’s independence and setting FRA’s strategy for the next four years.