The FRA emphasized the importance of promoting partnership and cooperation with various market players in achieving stability in non-financial activities in the statement
The Financial Regulatory Authority (FRA) is looking to boost financing for non-traditional banking activities to EGP 820 billion by 2026 from 2021’s recorded EGP 370 billion, revealed Mohamed Omran, Chairperson of FRA.
The authority released a statement stating that it aims to do this through diversifying the non-banking financial sector’s activities. It also noted that it has discussed a number of proposals for the second phase of its 2022/2026 comprehensive strategy for non-financial activities.
The FRA emphasized the importance of promoting partnership and cooperation with various market players in achieving stability in non-financial activities in the statement.
Discussing these proposals is part of the authority’s efforts to include the results of community dialogue into the draft of the 2nd phase of its 2022/2026 comprehensive strategy for non-banking financial activities.
The second phase of the strategy is seen as a roadmap, aiming to make the FRA into a leading financial regulatory body with regional and international impact in the next 4 years.
The FRA revised the 2nd phase to prioritize 5 axes; enhancing the use of financial technology and accelerating digital transformation, achieving financial inclusion and deepening levels of sustainability, managing risks and building an effective early warning system, developing the legislative structure, and enhancing financial culture and capacity building.
The authority is aiming to provide an investment-attractive environment that is fair, efficient and transparent, with multiple investment channels available for all types of investors.
The 2nd phase will center on financial innovation, and capital market activity will play a big role in encouraging investors to use accumulated savings by investing in new projects which will in turn promote economic development and increase job opportunities annually, explained Omran.