Press Releases
FRA Chairman Attends Panel Discussion Titled “Corporate Governance as a Catalyst for Business Growth” – Monday 14 July 2025
Dr. Mohamed Farid – FRA Chairman:
- Corporate governance is a fundamental pillar for business growth and sustainability.
Dr. Mohamed Farid, FRA Chairman recently addressed a pivotal panel discussion hosted by the American Chamber of Commerce in Egypt. The session titled “Corporate Governance as a Catalyst for Business Growth,” convened a distinguished group of experts from the legal, investment and sustainable development sectors. It featured a distinguished panel including Dr. Hany Sarie-Eldin, Founder and Managing Partner of Sarie-Eldin & Partners Legal Advisors; Reem El Saady, Regional Manager for the SMEs Finance and Development Program at the European Bank for Reconstruction and Development (EBRD). In addition to Dr. Sherifa El-Sherif, Executive Director of the National Institute for Governance and Sustainable Development; and Ahmed El Gendy, Co-founder and Managing Director of Tanmeya Capital Ventures. The panel was moderated by Ghada Hammouda, Chief Sustainability and Marketing Officer at Qalaa Holdings.
Dr. Farid provided a comprehensive look at the evolution of corporate governance in Egypt, noting its framework began taking shape in 2004. This initiative, drawing heavily from OECD principles, led to the landmark issuance of Egypt’s first Corporate Governance Code in 2005, spearheaded by the Egyptian Institute of Directors.
FRA Chairman stated that corporate governance transcends mere regulatory compliance; it is a crucial strategic instrument for elevating institutional performance and fostering enduring, sustainable growth. He underscored FRA’s notable success in significantly expanding the reach of governance implementation. This expansion now extends beyond merely listed companies on the Egyptian Exchange to encompass all approximately 3,500 non-bank financial institutions under FRA’s supervision. This includes, but is not limited to, private insurance funds, microfinance companies, entities dedicated to financing small and medium-sized enterprises (SMEs), and all other stakeholders operating within the non-bank financial services landscape.
Dr. Farid asserted that FRA has taken concrete and impactful executive measures to solidify this commitment. He highlighted the mandatory requirement for female representation on company boards and the collaborative launch of a database with the American University in Cairo, which identifies qualified women for board positions. Furthermore, FRA has mandated that companies provide comprehensive Environmental, Social, and Governance (ESG) and Task Force on Climate-related Financial Disclosures (TCFD). To ensure the efficacy and integrity of these disclosures, Dr. Farid revealed that FRA is developing a unified methodology for evaluating and classifying company reports, with the overarching aim of enhancing disclosure quality and promoting greater transparency.
In a testament to FRA’s dedication to support the green economy, Dr. Farid outlined several key initiatives. These include the issuance of a clear classification system for sustainability bonds, encompassing both green bonds and transition bonds. The Authority has also established precise standards for the formation of green investment funds and has opened avenues for ESG rating agencies to commence operations within Egypt.
These collective efforts recently culminated in a significant announcement: FRA’s establishment of Egypt’s first regulated voluntary carbon market. Operating under the stringent oversight of capital market regulatory authorities, this innovative market is designed to empower carbon emission reduction projects to issue verified and certified carbon credits. These credits will then be traded on a regulated digital platform, serving as a powerful magnet for both domestic and international investors. By purchasing these credits, investors not only support climate action but also provide additional revenue streams for the implementers of these critical projects, thereby directly bolstering Egypt’s national drive towards achieving carbon neutrality.
Dr. Mohamed Farid stated that the upcoming phase will involve extensive and collaborative discussions concerning the implementation of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards S1 and S2. Dr. Farid underscored the critical importance of adhering to the proportionality principle when applying these standards. He extended an invitation to all stakeholders, with a particular emphasis on the American Chamber of Commerce, to actively engage in shaping a comprehensive roadmap.
Prime Minister Meets with FRA Chairman to Review Key Files – Thursday 10 July 2025
- FRA will hold a FinTech forum this July, highlighting its dedication to digital transformation and its significant role in bolstering Egypt’s non-banking financial sector.
Prime Minister Dr. Mostafa Madbouly held a meeting today with Dr. Mohamed Farid, FRA Chairman to review key operational files of the Authority.
During meeting , Dr. Farid presented FRA’s comprehensive efforts to bolster the non-bank financial sector’s role in the national economy, emphasizing its positive and sustainable developmental contributions to Egyptian society. A significant focus of the meeting was the recent implementation of Unified Insurance Law No. 155 of 2024. This landmark legislation, issued by the President, has led to crucial decisions and regulations, including increased capital requirements for insurance companies, refined investment ratios for insurance assets and funds, and an expanded scope of insurance coverage. These measures are designed to enhance the insurance sector’s efficiency, competitiveness and overall contribution to the economy.
Prime Minister Madbouly lauded FRA’s proactive role in fostering the growth and development of non-bank financial markets. He reiterated the government’s unwavering support for the non-bank financial sector, recognizing its indispensable contribution to the national economy.
Dr. Farid further detailed the upcoming FinTech forum, aptly titled “Legislation to Promote Finance and Growth.” The forum will serve as a crucial platform to showcase the digital transformation initiatives across the non-bank financial sector and highlight the regulatory frameworks implemented to accelerate this shift. A key objective is to empower emerging startups in non-bank financial activities by facilitating their access to funding, thereby supporting their business development strategies.
A highlight of the forum will be the presentation of compelling success stories from companies across various non-bank financial activities, including capital markets and financing. These companies, having secured FRA licenses, have successfully attracted multi-million dollar investments, underscoring the critical role of supportive legislation in drawing foreign investment to the sector. The event will also witness participation from representatives of venture capital firms and investors keen on technology-driven companies operating within the non-bank financial landscape.
In a related context, Dr. Farid noted the significant importance of establishing comprehensive insurance coverage for government buildings. This vital matter will be a subject of future discussions, guided by existing regulations and legislation.
Regarding the capital market, FRA Chairman reported a stable environment, attributing it to the Authority’s meticulous efforts and decisions. These measures prioritize a balanced approach between market development and stability, incorporating progressive and risk-based supervision to ensure the integrity of transactions and protect market participants. Dr. Farid confirmed the efficient operation and regular monitoring of linking systems connecting all parties involved in the trading process.
Finally, Dr. Farid revealed FRA’s imminent plans to apply Basel III standards to non-bank financial sector companies. This strategic move aims to ensure the adequate capitalization of these companies, enabling them to effectively mitigate credit, operational and market risks. Adopting these international best practices will bolster the financial solvency of non-bank financial companies, further solidifying FRA’s broader efforts to enhance the financial stability of non-bank financial markets
Minister of Agriculture and FRA Chairman Convene to Expedite Agricultural Takaful Fund’s Initiatives –Wednesday 9 July 2025
Dr. Alaa Farouk – Minister of Agriculture and Land Reclamation:
- The state is dedicated to bolster insurance protection for farmers, offering them comprehensive support.
- The Agricultural Takaful Fund is crucial; it supports small farmers and breeders by providing compensation and safeguarding them from risks and disasters.
Dr. Mohamed Farid – FRA Chairman:
- The Authority will offer comprehensive technical support and expert consultation to the Fund, ensuring its effective and efficient operation.
- Agricultural Takaful Fund is set to deliver vital insurance coverage, empowering agricultural workers to mitigate climate and other inherent risks, thus safeguarding their operational continuity.
Dr. Mohamed Farid, FRA Chairman hosted Mr. Alaa Farouk, Minister of Agriculture and Land Reclamation, at FRA’s headquarters in Smart Village. Their crucial meeting focused on expediting the implementation of the Agricultural Takaful Fund’s action plans and strengthening its role moving forward.
During the discussion, the Minister of Agriculture underscored the state’s unwavering commitment to bolster insurance protection for farmers. He emphasized providing comprehensive support, including compensation and protection against risks and disasters. This proactive approach aims to ensure the stability and increased productivity of the agricultural sector through technical assistance and coverage for damages stemming from natural calamities and pest infestations affecting crops, thereby mitigating their impact.
Minister Farouk further highlighted the paramount importance of the Agricultural Takaful Fund. He described it as a fundamental pillar for supporting small farmers and breeders, offering vital compensation and protection from risks and disasters. Its role is essential in stabilizing the agricultural sector by addressing damages caused by natural disasters and other pest-related threats to plant produce, ultimately limiting their adverse effects.
Minister of Agriculture elaborated, stating that this productive collaboration with the Financial Regulatory Authority will be pivotal in activating the Fund’s role and realizing its ambitious goals, while simultaneously safeguarding farmers’ investments from potential threats.
Dr. Mohamed Farid, FRA Chairman affirmed FRA’s comprehensive support for Agricultural Takaful Fund. He highlighted that the Authority will provide technical assistance and expert guidance to ensure the Fund operates with maximum effectiveness and efficiency, all in accordance with the Unified Insurance Law.
Dr. Farid further clarified that Agricultural Takaful Fund will offer crucial insurance coverage to agricultural workers. This coverage aims to empower them to withstand climate and other inherent risks, enabling them to maintain their operations. This initiative is expected to significantly boost insurance, financial and investment inclusion across the sector.
He also pointed out that the Unified Insurance Law, enacted by President Abdel Fattah El-Sisi in July 2024, includes specific provisions for agricultural insurance and natural disaster coverage. This pivotal legislation creates a substantial opportunity to elevate the comprehensive support extended to farmers, ensuring their access to customized and fitting insurance solutions.
The two parties delved into strategies to activate the Fund’s crucial role, aiming to expand its insurance coverage to encompass both crops and livestock. A key focus was also placed on streamlining procedures to ensure agricultural sector workers gain access to more comprehensive insurance benefits. This vital support is designed to empower them to grow their businesses and crucially, to sustain their operations even when faced with future risks.
Concluding the meeting, both Minister Farouk and Dr. Farid expressed strong optimism that their joint cooperation will significantly boost the Agricultural Takaful Fund’s operations. They anticipate this collaboration will enhance the Fund’s ability to provide integrated insurance services, directly leading to more stable income for farmers and stimulating increased agricultural production across Egypt.
Agricultural Takaful Fund was established by a Presidential decree with the primary objective of covering damages from natural disasters and pest infestations affecting agricultural crops. This aims to mitigate their impact and safeguard beneficiaries’ income levels. To solidify its operational framework, Prime Minister’s Decree No. 2244 of 2024 later formed the Fund’s Board of Directors.
The Presidential decree specifically authorizes the Fund to enter into incentivized insurance contracts with plant agricultural producers and to engage in reinsurance with relevant companies. Beyond direct insurance, the Fund is also mandated to promote insurance awareness within the agricultural sector. It will also encourage and educate beneficiaries on adopting modern production technologies to reduce agricultural risks and enhance the creditworthiness of farmers and producers with financing institutions, facilitating their access to essential funding for their operations.