Egypt Regulator: First Microfinance Law Gets Underway Soon

Egypt’s financial regulator has completed drafting the first microfinance law, Amwal Al Ghad has quoted the Chief as saying.

Dr. Sherif Samy, chairman of Egyptian Financial Supervisory Authority (EFSA), has unveiled the final draft of the first microfinance law.

The law is expected to stimulate work among companies, banks and non-profit organizations, the top official said.

At present, the draft is to be discussed with the concerned parties, which include the Ministry of Social Solidarity, he added.

Dr. Samy explained that the Egyptian market still lacks an abiding law designated to protect the small investors and borrowers.