Egypt’s FRA chief: Reforms boost non-banking financial sector competitiveness

Dr. Mohamed Farid, chairman of Egypt’s Financial Regulatory Authority (FRA), has said that economic reforms being implemented by the government aim at enhancing the efficiency and competitiveness of the non-banking financial sector.

At the British Egyptian Business Association (BEBA) annual door-knock Mission to the UK, Farid said that the economic reforms have made progress in the areas of the stock market, and treasury bonds and bills programmes. He said that reforming treasury bills and bonds programmes indicates a targeted approach towards improving financial instruments and their accessibility for investors, which is essential for the development of a robust financial market.

Farid’s remarks reflect a broader strategy to not only advance the stock market but also ensure that various financial systems work harmoniously to support overall economic stability and growth. The implementation of these reforms is indicative of a commitment to making the financial landscape more attractive and functional for both local and international investors, thereby promoting sustainable economic development.

The session, organised by the Bank of New York, was attended by Egypt’s Finance Minister, Ahmed Kouchouk, Investment Minister, Hassan El-Khatib, the Egyptian Ambassador to London, and top officials from Goldman Sachs and various global financing agencies.

Attribution: Amwal Al Aghad English

Subediting: M. S. Salama