CAIRO – 11 October 2023: Egypt, represented by the Financial Regulatory Authority (FRA) has retained its seat on the International Organization of Pension Supervisors (IOPS) Executive Committee for the fifth consecutive time. This achievement followed the committee's election, conducted by remote voting in September, which selected members from among representatives of 79 member countries.
The organization's General Assembly will convene this October, hosted by the Insurance and Pensions Commission (IPEC) of Zimbabwe and attended by a delegation from the FRA, along with representatives of regulatory and supervisory authorities of pension funds worldwide.
IOPS, founded in 2004, serves as an international forum for policy dialogue, information exchange, and the harmonization of international standards related to the regulation of private pension funds. Its aim is to promote the adoption of the best international practices in the supervision of pension funds to enhance the quality and effectiveness of supervision.
Head of the FRA, Mohamed Fared, emphasized Egypt's significant role in the pension sector, with approximately 50 years of experience in supervising it. The agency is working to enhance the capability of private pension funds to attract more national savings and contribute to expanding insurance coverage. This is part of the effort to improve financial stability and good governance in pension funds.
He further explained that the FRA collaborates closely with other international organizations, including the Organization for Economic Co-operation and Development (OECD), the World Bank, the International Social Security Association (ISSA), the International Association of Insurance Supervisors (IAIS), and the International Monetary Fund (IMF). The agency follows the principles established by IOPS to protect the interests of fund members and beneficiaries.
Egypt's fifth consecutive election to the Executive Committee recognizes its active role in developing regulations and legislation related to private pension fund activities and safeguarding the rights of those dealing with them. As of the end of 2022, the assets of these funds amounted to approximately LE 141.9 billion, with 4.7 million members. Investments reached LE 118 billion.