Egypt: Financial Regulatory Authority gets new board members
Source: Middle East Insurance Review | May 2018
Prime Minister Sherif Ismail has issued a decree to revamp the composition of the board of directors of Egypt’s Financial Regulatory Authority (FRA).
The decision, published in the Official Gazette, appoints Dr Mohamed Omran as the chairman of the Board, and names other members, including two deputies.
Minister of Investment and International Cooperation Sahar Nasr said the first task for the new board is to put forward a comprehensive plan for financial inclusion in the non-banking financial sector, including insurance, to enhance its role in supporting Egypt’s economy, reported Egypt Today.
Promoting financial inclusion in this sector will help provide financing to small and micro projects and encourage new investment, contributing to growth rates and economic reform, Ms Sahar said.
She added that the FRA has to continue working on a number of laws that will allow the creation of new financial tools as well as on investor protection and access to finance to improve Egypt’s ranking in global business indices.
Dr Omran welcomed the decision, saying that the Authority will work on several matters, including the financial leasing law, a law on the independence of the Authority and its strategy for the next four years.
The FRA is responsible for supervising and regulating non-banking financial markets and instruments, including the insurance sector. M