FRA
The Financial Regulatory Authority (FRA) increased the maximum financing limit for micro-enterprises by 10 percent to LE 220,000 up from LE 200,000.
It also decided to extend the validity period of the purchase offer to April 4 instead of April 3.
This came after reviewing the law of joint stock companies, partnerships limited by shares, limited liability companies, and one-person companies promulgated by Law No. 159 of 1981 and its executive regulations, according to the FRA.
This is done under the auspices of the EGX and in partnership with the Financial Regulatory Authority, with the aim of incubating and sponsoring new projects and ideas in all areas of financial technology.
Mohamed Farid added, during a conference, Thursday, that the authority is also studying increasing the minimum limits for insurance companies’ capital.
The Egyptian Stock Exchange is studying files for the listing of 4 new companies, according to the announced data.
Farid affirmed, during a press conference held, Thursday, that this document will help motivate non-Egyptians to buy Egyptian real estate, because it will be an insurance policy against the risks of not proving ownership.
The meetings were held to cast a spotlight on the latest developments in the Egyptian economy.
The rules provide for organizing and shortening the time periods for a number of procedures necessary to complete the capital increases of companies whose securities are listed, while providing flexibility for companies to increase their capital in stages.
Issued by the Financial Group for Securitization, the program's first issue stood at LE 800 million, according to a bourse statement on Sunday.
It is an open investment fund, the documents of which are offered through public subscription, according to the announced data.
The amendments included the possibility of temporarily listing the shares of Egyptian and foreign companies on the stock exchange’s lists before registering with the authority, instead of prior registration.
The issuance of the new license adds a new dimension to the existing financing mechanisms in the local market in terms of his creation of the “Wakala Investment” formula.
The decision stipulated the formation of the authority’s board of directors, which includes Islam Abdel Azim Azzam, as Vice Chairman of the Board of Directors, and Ahmed Abdel Rahman Al Sheikh, as Vice Chairman of the Board of Directors.
According to FRA’s statement, Mohamed Farid Saleh has been appointed as the Chairman of the Egyptian Stock Exchange since August 2017, according to Prime Minister Decision No. 1759/2017.
The total amount of securitized bonds, which have been issued since the beginning of 2022 and after the approval of the NUCA's request, will reach LE 30 billion and it will be the biggest issuance of its kind in the Egyptian capital market.
Hisham Ramadan urged during his speech the non-banking financial sector to prioritize integrating the Women’s Empowerment Principles (WEPs) into their strategies, and to check the new global trends that highlight the importance of compatibility with sustainability and compliance standards related to Environmental, Social and Governance (ESG) disclosures.
Speaking at a press conference, FRA Chairman Mohamed Farid said the strategy is based on six main axes related to the non-banking financial sector.
The GIZ stated, in a press statement, Monday, that it is implementing, in cooperation with the financial supervision, a strategy to improve banking supervision and regulation, in addition to financial stability and comprehensiveness.
The fair value report for the purpose of increasing the capital does not comply with the financial evaluation criteria for facilities.
