Egyptian Financial Supervisory Authority
The Egyptian Financial Supervisory Authority (EFSA) announced Sunday that it has received a tender offer from Orascom Investment Holding (OTH) to buy capital shared of the Sarwa Capital company.
In the glamorous bt100 Awards ceremony organized by Business Today magazine, Mohammed Omran, the Chairman of the Egyptian Financial Supervisory Authority, was awarded for his contribution to the growth of the Egyptian economy.
Micro funding reached more than LE 7.12 billion by the end of 2017 with a growth rate of 59 percent, compared with the same period in 2016.
A number of 840 entities were granted licenses by the EFSA to operate in the microfinance sector.
The offering would range from 5.21 pounds to 5.95 pounds per share.
Omran called on firms to expand their work to include pre-delivered residential units.
Omran said the authority will also work on preparing the legal framework for new financial tools, such as the Green Bonds.
Establishing investment funds for micro-financing is strongly needed in Egypt to attract more social investments.
“EFSA is currently imposing an inclusive strategy for non-financial services to boost the role of that sector and provide needed funds for projects,” Nasr said.
Minister of Investment Sahar Nasr on Monday said that Reda Abdel Moaty was named the acting head of the Egyptian Financial Supervisory Authority (EFSA).
The approvals valued LE 43.5 billion in capital, where LE 21.5 billion of them is issued capital, recording 35 percent year-on-year increase.
The value of the existing microfinance balances at Egyptian NGOs and companies rose 10 percent to LE 5 billion up from LE 4.5 billion in the previous quarter.
Ghada Wali held a meeting Friday with members of the World Bank mission on the sidelines of their visit to Egypt to follow up reforms in the country's pension system.
Total premiums of the Egyptian insurance companies exceeded LE 20 billion ($1.12 billion) in the fiscal year 2016/17, up LE 2 billion year-on-year.
Around LE 16.8 billion of the total value are already paid, recording 11 percent increase.
Misr Life Insurance will provide insurance services to 500,000 customers at the National Bank of Egypt (NBE)
Banque du Caire has signed a cooperation agreement with Enmaa Leasing Company to finance small and medium businesses.
A joint committee between the Ministries of Investment and Jutice are studying amendments to the shareholding and limited Companies Act.