GIZ, FRA cooperate to support growth of SMEs in Egypt

CAIRO - 24 May 2022: The German Agency for International Cooperation (GIZ), in cooperation with the Financial Regulatory Authority (FRA) and the Egyptian Insurance Federation, launched a campaign with the aim of raising awareness of the importance of insurance for small and medium-sized companies and its benefits in helping companies grow and maintain their operations.

 

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.

 

It pointed out that the activity of non-bank financial institutions entering the market has expanded significantly in the wake of the global financial crisis and the sharp decline in conventional lending.

 

The statement explained that many governments around the world realize the importance of opportunities in innovation and growth provided by the financial services sector outside the traditional scope, and that is why non-bank financial institutions are working to enhance the services they provide to small and medium companies in Egypt.