الهيئة العامة للرقابة المالية

As part of Egypt’s efforts to enhance financial inclusion and drive sustainable economic and social development, Dr. Mohamed Farid, FRA Chairman holds a meeting with Dr. Manal Awad, Minister of Local Development and May Abd El-Hamid, CEO of the Social Housing and Mortgage Finance Fund (SHMFF). The meeting focused on exploring avenues and mechanisms for joint collaboration and determining how best to utilize non-bank financial services and insurance products offered by FRA-regulated entities within the governorates.

The meeting also featured a detailed overview of FRA-regulated financing, investment and insurance solutions, spanning capital markets, mortgage finance, leasing, factoring, consumer finance and diverse insurance products.

It further explored the advantages of these non-bank financial services and products for the Ministry of Local Development’s stakeholders, notably governorates and Social Housing and Mortgage Finance Fund. A key focus was on insurance coverage and its role in shielding citizens from potential risks, ultimately fostering greater economic and social resilience and reducing future burdens.

Dr. Mohamed Farid underscored that this meeting demonstrates the Authority’s proactive approach to closer collaboration with state entities. He emphasized the pivotal role of non-bank financial solutions in fostering sustainable economic development initiatives, stating, “Our commitment lies in pioneering and providing innovative financing, investment and insurance solutions that address the diverse needs of citizens throughout all governorates, with a particular focus on reaching and empowering marginalized groups to achieve our financial inclusion targets”.

Dr. Farid highlighted FRA’s strong focus on integrating with the Ministry of Local Development, as this collaboration is key to deliver essential services to villages and centers, particularly those prioritized in local development agendas and national initiatives.

Minister of Local Development Dr. Manal Awad affirmed that this collaboration with FRA marks a crucial step towards empowering governorates with modern financial tools. She stated, “Our aim is to foster a supportive environment where citizens can readily access effective financing and insurance services, leading to improved living standards and the creation of new job opportunities, especially within local communities.”

Dr. Manal also stressed the significance of promoting financial literacy and awareness of available services to ensure active citizen engagement in economic activities.

To activate this collaboration, joint working groups will be formed, comprising representatives from FRA, Ministry of Local Development and Social Housing and Mortgage Finance Fund. These groups will formulate an executive plan for the coming period, prioritizing actions based on identified needs to maximize the reach and impact of non-bank financial services for citizens, thereby fostering greater social stability.

This collaborative effort stands as a model, highlighting the critical importance of integration among state institutions, particularly Ministry of Local Development and Social Housing and Mortgage Finance Fund, in supporting and accelerating the achievement of sustainable development goals across all governorates