Updated- PM says gov’t acting to develop non-banking financial services

Egyptian Prime Minister Moustafa Madbouli has said that his government is acting to develop non-banking financial services.

The government pays utmost attention to supporting efforts of the Financial Regulatory Authority (FRA) to secure funds needed to implement economic and social development plans, Madbouli said.

It is important to improve the entrepreneurship environment to be able to empower all parties and achieve economic growth, the premier stressed during a meeting Tuesday night with board chairman of the FRA Mohamed Farid and board chairman of the Egyptian Exchange (EGX) Ramy el Dokany.

The meeting focused on efforts to upgrade the efficiency and competitiveness of all non-banking financial services, including insurance, real estate financing, financial leasing, factoring, consumer financing, microfinance and movable collateral registry.

Madbouli pressed for integrated efforts among all parties concerned to strengthen the performance of the Egyptian stock market.

He said the government will be working in the coming stage to complete a program to expand ownership of state-owned companies, and to increase the contribution of the private sector to the different economic activities in line with directives by President Abdel Fattah El Sisi.

For his part, Executive Chairman of the Financial Regulatory Authority (FRA) Mohamed Farid said the Authority is working, in co-operation with all partners to implement an ambitious plan to develop non-banking financial markets.

The FRA is working on promoting non-banking financial services, with a view to ameliorating quality of services offered and strengthening financial inclusion, said the FRA executive chairman, highlighting the great importance Prime Minister Mostafa Madbouli attaches to the FRA’s files, with a view to maintaining financial stability.

Meantime, Egyptian Stock Exchange (EGX) Head Rami El-Dokany hailed the efficient performance of the Egyptian stock market over the past period, in the wake of the recently adopted reform measures pertaining to the monetary policy, citing the EGX capital recording its highest record increase that reached LE1.35 trillion.