The Egyptian government is highly supporting the Financial Regulatory Authority’s (FRA) efforts in developing all the non-bank financial services (NBFS), Prime Minister Mostafa Madbouly stated on January 11th.

In his meeting with the Chairman of the FRA Mohamed Farid and the Chairman of the Egyptian Exchange (EGX) Rami El-Dokany, Madbouly praised the authority’s pivotal role in providing the necessary financing to back the adopted plans by the government for economic and social development.

Madbouly also stated that Egypt is working on the completion of the program to expand the ownership base of state-owned companies through the securities market, within the framework of reinforcing the role of the private sector.

During the meeting, Farid said that the government, in partnership with different parties, is currently working on setting an ambitious vision to bolster the non-bank financial markets.

The FRA is digitalizing all the non-bank financial services now to ensure efficient high-quality services that contribute to boosting the levels of financial inclusion, the FRA’s chairman noted.

For his part, El-Dokany highlighted that the performance of the EGX has improved over the past period due to the recent monetary policies.

The market capitalization of EGX-listed companies hit record highs, exceeding EGP 1.35 trillion, El-Dokany noted, adding that the number of new investors in the stock market improved.

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