PM: Gov’t Acting to Develop Non-Banking Financial Services

by Asmaa Elwahy
PM: Gov’t Acting to Develop Non-Banking Financial Services

Egyptian Prime Minister Moustafa Madbouli has said that his government is acting to develop non-banking financial services.

 

The government pays utmost attention to supporting efforts of the Financial Regulatory Authority (FRA) to secure funds needed to implement economic and social development plans, Madbouli said.

 

The premier emphasized the importance of improving the entrepreneurship environment in order to empower all parties and achieve economic growth during a meeting on Tuesday night, 10/1/2023, with FRA board chairman Mohamed Farid and Egyptian Exchange (EGX) board chairman Ramy el Dokany.

 

The meeting focused on efforts to upgrade the efficiency and competitiveness of all non-banking financial services, including insurance, real estate financing, financial leasing, factoring, consumer financing, microfinance, and movable collateral registry.

 

Madbouli pressed for integrated efforts among all parties concerned to strengthen the performance of the Egyptian stock market.

 

He stated that the government will work in the coming stage to complete a program to expand ownership of state-owned companies and to increase the contribution of the private sector to various economic activities in accordance with President Abdel Fattah El Sisi’s directives.

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