Financial Supervisory Authority’s board of directors reshaped

CAIRO – 25 March 2018: Prime Minister Sherif Ismail issued a decree Sunday to reshape the board of directors of Egypt’s Financial Supervisory Authority (FSA), which was published in the official gazette.

The decision appoints Mohamed Omran as the Chairman of the Board, with members including two deputies, one of the deputies of Central Bank of Egypt’s governor and Vice Minister of Finance Mohamed Maait, among others.

Minister of Investment and International Cooperation Sahar Nasr said that the first task for the new board is to put forward a comprehensive plan for financial inclusion for the non-banking financial sector to enhance its role in supporting Egypt’s economy

Promoting financial inclusion for this sector will help provide financing to small and micro projects and encourage new investment, contributing to growth rates and economic reform process, Sahar said.

She added that the FSA has to continue working on a number of laws that will allow the creation of new financial tools as well as working on the indicators pertaining to investor protection and access to finance to improve Egypt’s ranking on global business indices.

Omran welcomed the decision, saying that the authority will work on several files including the financial leasing law, the authority’s independence law and putting the FSA’s strategy for the next four years.

The FSA is responsible for supervising and regulating non-banking financial markets and instruments, including the capital market, the Stock Exchange, and all activities related to insurance services, mortgage finance, financial leasing, factoring and securitization.

It has a role to regulate the market and ensure its stability and competitiveness to attract more local and foreign investments, according to the FSA’s official website.