CAIRO – 17 September 2024: Prime Minister Moustafa Madbouly convened today with Financial Regulatory Authority (FRA) Chairman, Mohamed Farid, to delve into various facets of the authority's operations.
During the meeting, Farid delivered a comprehensive overview of FRA's endeavors spanning from August 2023 to the present, focusing on bolstering the non-banking financial sector's role in the national economy.
Notably, he highlighted the successful establishment of the requisite executive frameworks for digitalizing non-banking financial transactions.
Ongoing efforts are directed towards expediting digital transformation and fostering financial inclusion within this sector.
Moreover, FRA spearheaded a groundbreaking collaboration between an insurance entity and a telecommunications firm to promote and distribute insurance products.
Farid elucidated on the inauguration of the inaugural voluntary African carbon market, designed for trading carbon emission reduction certificates, aligning with the Egyptian government's eco-friendly initiatives.
The African carbon market has already attracted 14 projects, facilitating over 12 trading operations, with 4500 voluntary carbon certificates exchanged and 18,375 carbon certificates registered within FRA's database.
Chairman Farid further announced the launch of three gold investment funds, namely: AZ - Gold Fund, Al Ahli for Financial Investments Management Fund, and EVOLOV Fund for gold investment, featuring cumulative daily returns (DAHAB) under the auspices of an Egyptian Al Ahli Bank company.
To date, around 131,000 citizens have invested roughly EGP 925 million through these gold investment funds, offering a range of innovative investment products tailored to meet the populace's requirements and bolster savings.
Lastly, Farid shed light on the imminent issuance of the Unified Insurance Law, geared towards augmenting the capacities and competitiveness of Egypt's insurance sector while broadening insurance coverage across the nation.
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