Prime Minister Moustafa Madbouli held a meeting on Tuesday with Chairman of the Financial Regulatory Authority (FRA), Mohamed Farid, to review the authority’s ongoing initiatives.
Madbouli was briefed on a report detailing the FRA’s efforts from August 2023 until now.
Farid said that his authority is working on enhancing the role of the non-banking financial sector in the national economy and maximising its sustainable developmental impact on Egyptian society.
Farid highlighted that the necessary frameworks for digitising non-banking financial transactions have been completed. Efforts are underway to accelerate digital transformation with a view to achieving financial inclusion in the non-banking sector, he said.
“The FRA has issued a series of executive regulations to speed up digital transformation, with the goal of improving financial inclusion and expanding the number of individuals benefiting from non-banking financial services,” Farid told the prime minister.
He cited the launch of the first partnership between an insurance firm and a telecommunications company to market and distribute insurance products, following regulatory decisions that facilitated this collaboration.
He also referred to the launch of the first African voluntary carbon market for trading carbon emission reduction certificates, in line with the Egyptian government’s efforts to reduce carbon emissions.
So far, as many as 14 projects have been registered, and over 12 trading transactions have been completed in the market. The number of voluntary carbon certificates traded until now reached nearly 4,500, while 18,375 certificates have been registered on the FRA’s database, Farid said.
He mentioned the launch of three gold investment funds: AZ-Gold Fund, the National Bank of Egypt’s Investment Fund, and the Evolve Gold Investment Fund.
By the end of last month, around 131,000 citizens had invested roughlyLE925 million in these gold investment funds, providing innovative and diversified investment opportunities that meet Egyptians’ needs and promote savings.
He noted that the FRA has established a comprehensive legislative and regulatory framework for the creation of gold investment funds, allowing Egyptians to invest their savings in gold in a safe and organised manner.
During the meeting, the chairman of the FRA discussed the issuance of the Unified Insurance Law, designed to enhance the capabilities and competitiveness of Egypt’s insurance sector and expand coverage options. The FRA is currently working on issuing the necessary executive regulations to implement the law, in coordination with various stakeholders in the insurance industry.
Farid said that the FRA recently launched the first specialised professional diploma in actuarial science for insurance. This initiative, in collaboration with the Egyptian Insurance Federation and the American University in Cairo, aims to align the number of actuaries in Egypt with the current market demands.
