FRA
It is an open investment fund, the documents of which are offered through public subscription, according to the announced data.
The amendments included the possibility of temporarily listing the shares of Egyptian and foreign companies on the stock exchange’s lists before registering with the authority, instead of prior registration.
The issuance of the new license adds a new dimension to the existing financing mechanisms in the local market in terms of his creation of the “Wakala Investment” formula.
The decision stipulated the formation of the authority’s board of directors, which includes Islam Abdel Azim Azzam, as Vice Chairman of the Board of Directors, and Ahmed Abdel Rahman Al Sheikh, as Vice Chairman of the Board of Directors.
According to FRA’s statement, Mohamed Farid Saleh has been appointed as the Chairman of the Egyptian Stock Exchange since August 2017, according to Prime Minister Decision No. 1759/2017.
The total amount of securitized bonds, which have been issued since the beginning of 2022 and after the approval of the NUCA's request, will reach LE 30 billion and it will be the biggest issuance of its kind in the Egyptian capital market.
Hisham Ramadan urged during his speech the non-banking financial sector to prioritize integrating the Women’s Empowerment Principles (WEPs) into their strategies, and to check the new global trends that highlight the importance of compatibility with sustainability and compliance standards related to Environmental, Social and Governance (ESG) disclosures.
Speaking at a press conference, FRA Chairman Mohamed Farid said the strategy is based on six main axes related to the non-banking financial sector.
The GIZ stated, in a press statement, Monday, that it is implementing, in cooperation with the financial supervision, a strategy to improve banking supervision and regulation, in addition to financial stability and comprehensiveness.
The fair value report for the purpose of increasing the capital does not comply with the financial evaluation criteria for facilities.
The first article of the decision, which was published in the Egyptian Gazette in its issue No. 81 of 2022, on Wednesday, stipulates that a new article No. 9 shall be added to the rules and procedures for dealing on securities not listed in the Egyptian Stock Exchange.
This declaration was launched by the United Nations in cooperation with the United Nations Global Compact to emphasize support for achieving gender equality and empowering women in the workplace.
Omran briefed the AmCham delegation on the measures taken by the FRA to attract foreign investments to this sector, citing a recent initiative launched last November to establish a financing mechanism for start-ups, innovations and digital technologies.
Chairman of the FRA, Mohamed Omran, said that the amendment was issued to stimulate the presence of national credit rating companies in the non-banking financial sector and increase their numbers, which contributes to strengthening the sector's capabilities and creating a competitive environment within the national economy.
This value will be provided to the “Hayah Karima” initiatives to improve the standard of living and the quality of life for the most needy groups in rural communities at the level of the Republic and to raise the level of daily services provided to citizens, and the “Capable Through Difference” initiative to support and encourage people of determination and people with special abilities.
On January 12, the EGX’s Securities Listing Committee agreed to list the shares of Macro Group for Pharmaceuticals (Macro Capital) on the main market.
Omran said in a press statement on the sidelines of the annual conference for the FRA, Monday, that the company is medium-sized.
2021 witnessed the first issuance of green bonds in the capital market in Egypt by a company with a value of $100 million (equivalent to LE 1.6 billion), in cooperation with the International Finance Corporation to support the transformation of the Egyptian economy into a green economy.
Omran said that the new insurance law is in its final consultations in preparation for its issuance.
Omran clarified that there are consultations that the insurance policy for Egyptians working abroad will become compulsory in the new law.
