Madbouly: Egypt Gov. Supports FRA’s Efforts in NBFS Development

Egypt’s Prime Minister Mostafa Madbouly stated on Wednesday that his government is highly supporting the Financial Regulatory Authority’s (FRA) efforts in developing all the non-bank financial services (NBFS), according to a statement by the Cabinet.

Madbouly also indicated that Egypt is working on the completion of the program to expand the ownership base of state-owned companies through the securities market, within the framework of reinforcing the role of the private sector, said the statement.

This came during a news conference to announce the Egyptian state's vision to deal with the global economic crisis at the headquarters of the Investment Authority in Cairo.

The statement noted that Madbouly had held a meeting with the Chairman of the FRA Mohamed Farid and the Chairman of the Egyptian Exchange (EGX) Rami El-Dokany, during which he praised the authority’s pivotal role in providing the necessary financing to back the adopted plans by the government for economic and social development.

Meanwhile, El-Dokany highlighted that the performance of the EGX has improved over the past period due to the recent monetary policies.

In turn, Farid said that the government, in partnership with different parties, is currently working on setting an ambitious vision to bolster the non-bank financial markets.

The FRA’s chairman further mentioned that the FRA is digitalizing all the non-bank financial services now to ensure efficient high-quality services that contribute to boosting the levels of financial inclusion.