Ministerial committee probes unified insurance bill, promoting railway industry

CAIRO - 24 December 2019: The ministerial economic committee discussed on Tuesday a proposed unified insurance bill as well as the file of promoting the railway industry.

This came during a meeting held under Prime Minister Mostafa Madbouli and attended by the ministers of justice, planning, international cooperation, finance and trade along with Central Bank of Egypt (CBE) officials.

Newly-appointed Justice Minister Omar Marawan reviewed the unified insurance bill, saying that it will contribute to outlining clear and comprehensive guidelines for the insurance system in Egypt.

The draft law, also, regulates the rules of overseeing and monitoring the insurance system, the minister added.

Chairman of the Financial Regulatory Authority (FRA) Mohamed Omran, for his part, highlighted the details of the unified insurance bill as well as its main goals that aim at transforming the role of the FRA with regard to the risk based supervision process (RBS) along with re-defining the tasks of the private insurance funds.

The premier asked the CBE and ministries concerned to send notices about the unified insurance draft law to the FRA for preparing a final draft of the bill before submitting it to the cabinet, said Cabinet's spokesman Nader Saad.

Meanwhile, the economic committee reviewed the vision of the Arab Organization for Industrialization (AOI) towards developing the railway industry in Egypt, the spokesman.

The vision seeks to meet the current and future needs of the transport sector along with having the capability to export railway-related equipment and products to the Arab region and Africa.

According to a report prepared by the AOI, the railway industry's development vision could be successfully realized in light of massive potentials possessed by the railway manufacturing sector which include a well-established infrastructure that allows for the manufacture and upgrade of rail vehicles, the spokesman said. The report stressed the importance of developing the capabilities of SIMAF factory and expanding its production units and underlined the need to establish new modern transportation manufacturing plants and encourage feeding industries, he added. (