Egypt's financial regulator emphasizes the IPO program's importance for enhancing private sector involvement and economic growth.
• IPO Program Importance: Dr. Mohamed Farid highlighted the government's IPO program as essential for achieving the State Ownership Policy Document's goals, particularly increasing private sector participation in economic growth.
• BEBA Mission: Farid addressed a high-level session of the British Egyptian Business Association’s annual mission, focusing on enhancing trade relations and investment opportunities between Egypt and the UK.
• Reform Sustainability: The FRA is committed to ensuring sustainable reforms in the non-bank financial sector and improving market competitiveness to attract local and foreign investments.
• Market Integrity: Key priorities for the FRA include market integrity, investor protection, digitization, and simplifying processes to create a favorable investment environment.
• Partnerships and Savings: Farid stressed the importance of local and international partnerships for integrating global standards and increasing savings to support investment and economic development goals.
Dr. Mohamed Farid, Chairman of the Egyptian Financial Regulatory Authority (FRA), stated that the government's IPO program is crucial for achieving the goals outlined in the State Ownership Policy Document, particularly its focus on increasing private sector participation in economic growth.
Dr. Farid made these remarks during his keynote speech at a high-level ministerial session of the annual "door-knocking" mission organized by the British Egyptian Business Association (BEBA). This initiative aims to enhance trade relations, provide greater opportunities for discussions on potential investment in Egypt, and bolster economic cooperation between the two countries.
He emphasized that the FRA is dedicated to ensuring the sustainability of reforms to deepen development in the non-bank financial sector and build trust among all relevant stakeholders. This includes organizing regular discussion sessions and workshops with stakeholders to achieve desired outcomes and enhance the market’s competitiveness and attractiveness for both local and foreign investments.
Dr. Farid highlighted that the FRA prioritizes market integrity, stability, investor protection, and the digitization and simplification of processes as core components of its action plan. Developing markets and offering new products to create investment opportunities in the non-bank financial sector remain ongoing targets, alongside efforts to provide a conducive environment for investment and growth.
In the discussion session, Dr. Farid noted that the FRA’s goals align with the government’s economic development plans, growth targets, and employment rates. All government bodies and ministries work as a unified team with shared objectives to support economic development.
He further explained that partnerships with local and international institutions are essential for integrating global practices and standards. Ongoing and extensive communication with all relevant parties locally and internationally facilitates the implementation of policies to achieve desired impacts.
Dr. Farid also mentioned that increasing savings levels would help provide necessary funding for investments and various growth plans, contributing to the government's objectives for tangible economic development.
Finally, he emphasized that prudent market oversight involves safeguarding investor rights and maintaining the stability of all operational institutions to enhance the developmental and social impact of the markets.