Egyptian Currency – File Photo
CAIRO - 7 February 2019: Prime Minister Moustafa Madbouli reviewed on Thursday the 2018-2022 strategy for the development of the non-banking financial sector, the State's digital transition plans and financial inclusion policies.
This came during his visit to the Financial Regulatory Authority in the Smart Village where he met with members of the authority board.
The four-year strategy aims at developing Egypt’s non-banking financial services sector in order to improve its indicators on the international economic charts, especially in the Doing Business Report released by the World Bank.
The plan, now in its second year, includes carrying out structural and legislative reforms to boost the industry and improve its contribution to economic growth.
Mohamed Omarn, head of the authority, said he briefed the prime minister on the accomplishments realized by the authority in 2018 and the changes that occurred in the non-banking sector after the application of the strategy, according to a statement by the FRA.
He welcomed the government's approval of a bill regulating consumer finance activities. The bill will govern retail financing and consumer credit.
He also reviewed the authority's efforts in the financial inclusion domain.
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