Financial Regulatory Authority
The FRA noted a growing number of online ads and social media posts that entice citizens to commit funds to ventures lacking the necessary licenses.
Both offerings will be conducted through private placements, targeting financial institutions and high-net-worth investors.
The changes are part of the FRA’s ongoing efforts to support financial sustainability and enhance access to funding.
Consumer financing accounted for 6.7 percent, non-equity securities issuances represented 6.1 percent, and real estate financing made up 2.8 percent.
Funds operating defined benefit pension plans are now allowed to invest up to 10 percent of their total assets in metal-related financial instruments traded on the Egyptian Exchange (EGX).
This replaces the previous fiscal year, which began on July 1. The new regulations are within the FRA's efforts to implement guidelines outlined in the Unified Insurance Law, which came into effect in July 2024.
Consumer financing totaled LE 47.4 billion, factoring operations amounted to LE 55.8 billion, and real estate financing reached LE 20.9 billion.
This purchase aligns with the FRA's ongoing efforts to enhance the voluntary carbon market, which is regulated by financial authorities to promote environmental sustainability and investment opportunities in Egypt's carbon reduction initiatives.
He reaffirmed the FRA’s dedication to creating a supportive regulatory environment and advancing innovative solutions in line with Egypt’s Vision 2030.
In an official statement, the FRA explained that it aims to ensure financial stability within non-banking financial institutions, a critical component for bolstering the national economy and meeting individual needs.
According to a recent FRA report, the loan balances granted to MSMEs increased to LE 66.8 billion by the end of July 2024, compared to LE 46.143 billion by the end of July 2023.
CPME aims to complete acquisitions of target companies within two years from the date of its listing, explained the FRA statement.
As of August 2024, the total net assets of gold investment funds have significantly increased compared to July, marking a positive trend for funds AZ-Gold, Evolve Gold, and Dahab fund, according to a report presented by Mohamed Farid Saleh, Chairman of FRA
Ongoing efforts are directed towards expediting digital transformation and fostering financial inclusion within this sector.
Approved by the FRA’s Committee for the Oversight and Supervision of Carbon Emission Reduction Units, chaired by FRA head Mohamed Farid, is a significant step in Egypt's effort to combat climate change through regulated carbon trading
Trading started today, August 13th, with oversight provided by financial authorities in Egypt and across Africa.
Mohamed Farid, Chairman of the FRA, emphasized that the new regulated market represents a milestone in Egypt’s environmental and financial sectors
On Tuesday, Farid issued Decision No. 1732 of 2024, revealing the specific criteria for firms to qualify for future FRA approval
The report highlights that the first Egyptian gold investment fund, known as the AZ-Gold fund and managed by Azimut Egypt Fund and Portfolio Management Company, was launched in May 2023.
Additionally, the committee approved the creation of V.Lens, a company specializing in electronic identification, verification, and authentication services.
