Egyptian tourism ministry, FRA cooperate to support tourism companies

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The Egyptian Ministry of Tourism and Antiquities and the Financial Regulatory Authority (FRA) are cooperating to consider growth opportunities for companies operating within the tourism sector through non-bank financial activities, according to an official statement published on September 6th.

The ministry is planning to boost cooperation with the FRA over the coming period in order to support the competitiveness of the tourism sector’s companies, Minister of Tourism Ahmed Issa said.

This will help the tourism sector to continue playing a pivotal role in the Egyptian economy, Issa remarked.

For his part, the Chairman of the FRA Mohamed Farid stressed the authority’s willingness to develop the capabilities of the tourism sector and boost its capacity by benefiting from the non-bank financial activities subject to the FRA.

Farid added that the authority is determined to help these companies diversify their financing resources required for growth, developing business, and achieving targets.