Additionally, FRA launched the first partnership between an insurance company and a telecommunications company to market and distribute insurance products.
Prime Minister, Moustafa Madbouly, met today with Chairman of Financial Regulatory Authority (FRA), Mohamed Farid, to review a number of files related to the authority's work.
Farid presented a report on the efforts of the authority from August 2023 until now to enhance the role of the non-banking financial sector in the national economy.
He pointed out that the necessary executive frameworks for digitizing non-banking financial transactions have been completed. Efforts are underway to accelerate digital transformation and achieve financial inclusion in the non-banking financial sector.
Additionally, FRA launched the first partnership between an insurance company and a telecommunications company to market and distribute insurance products.
The Chairman of FRA explained that the first voluntary African carbon market has been launched to trade carbon emission reduction certificates, supporting the Egyptian government's efforts to reduce carbon emissions.
Approximately 14 projects have been registered, with over 12 trading operations in the market. The number of voluntary carbon certificates traded reached 4500, and the number of carbon certificates registered in the authority's database was 18,375.
Chairman Farid also mentioned the launch of three gold investment funds, namely: AZ - Gold Fund, the Al Ahli for Financial Investments Management Fund, and the EVOLOV Fund for gold investment with cumulative daily returns (DAHAB), affiliated with one of the Egyptian Al Ahli Bank companies.
Currently, 131,000 citizens are investing approximately EGP 925 million through gold investment funds as of the end of August 2024, by providing diverse and innovative investment products that meet Egyptians' needs and enhance savings levels.
Farid addressed the issuance of the Unified Insurance Law, which aims to enhance the capabilities and competitiveness of the insurance sector in Egypt and expand insurance coverage.
