PM reviews Financial Supervisory Authority's role in Egypt's vision 2030

CAIRO - 26 August 2018: Prime Minister Mostafa Madbouli met with Head of Financial Supervisory Authority (FSA) Mohamed Omran to discuss the role of the FSA in contributing to achieving Egypt's vision 2030 by reviewing the most important points of the strategy of the non-bank financial services sector.

This comes within the FSA's efforts to help achieve the financial inclusion and sustainable development goals by 2030.

The meeting reviewed the main strategic objectives, which the FSA seeks to achieve through various activities related to the money market, insurance, real estate finance, finance lease and the microfinance, as the target figures indicate that the FSA seeks to double the targets of these activities by 2030.

In addition, the meeting also tackled the latest developments on the Egyptian bourse and the implications of current developments in the international financial markets and their impact on developing markets, especially after recent developments in Argentina and Turkey, as well as shedding light on the government's treasury bonds program.

Omran hailed efforts exerted to foster cooperation between the FSA and the Central Bank of Egypt (CBE) to achieve the financial inclusion, especially in the field of microfinance, as the latest figures indicate that more than EGP 9.7 billion were circulated in microfinance until 30/6/2018, while the number of beneficiaries reached about 2.6 million in which 7% of them were females.

During the meeting, the prime minister ordered to announce the national strategy for non-bank financial services after raising it to the cabinet's economic group.