الهيئة العامة للرقابة المالية

• Mohamed Farid : “ FRA believes that empowering women financially is a cornerstone of sustainable development”
• FRA tackles climate change and drives sustainable development through a three-pronged approach ( Robust Voluntary Carbon Market, unlocking data power by focusing on the availability, analysis, and disclosure of data and finally fostering innovative financing)

Dr. Faird – FRA Chairman joined the New Development Bank’s (NDB) first international forum outside the BRICS countries, co-organized by the Ministry of International Cooperation and held under the patronage of President El-Sisi , titled “Navigating  New Horizons”.

FRA’s Chairman joined a key discussion at the Forum under the theme “Navigating New Horizons and Planning for Investment Growth.”

 The Forum delves into New Development Bank’s (NDB) operations, boosts public-private partnerships. It unlocks collaboration potential between founding and new BRICS members, that is besides maximizing Egypt’s role as a global player and leveraging its potential benefits from the NDB network.

Key decision-makers, including Prime Minister Dr. Mostafa Madbouly, Dr. Rania Al-Mashat, Minister of International Cooperation, Dilma Rousseff, President of the New Development Bank attend the Forum. In addition to Dr. Mohamed Maait, Minister of Finance, Lieutenant-General Engineer / Kamel Al-Wazir, Minister of Transport, and Dr. Hala El-Saeed, Minister of Planning and Economic Development, Lieutenant General Mohamed Abbas Helmy, Minister of Civil Aviation and Head of development institutions.

Dr. Mohamed Farid asserts that FRA believes that securing long-term funding is crucial for achieving the Sustainable Development Goals. He emphasizes that this requires creating supportive local conditions and building strong partnerships with international development organizations , these are essential steps to unlock affordable financing that directly addresses Sustainable Development Goals (SDGs) and ultimately leads to a better life for everyone.

He adds that FRA tackles climate change and drives sustainable development through a three- tracks  (Robust Africa’s first   Voluntary Carbon Market, unlocking data power by focusing on the availability, analysis, and disclosure of data  to make informed decisions that support achieving the Sustainable Development Goals (SDGs) and finally creating and promoting new financing solutions that consider environmental factors. This could involve amending regulations for the Capital Market Law to allow various types of bonds specifically designed to fund environmentally friendly projects.

Dr. Farid announces the completion of carbon credits’ regulations and framework. He urges the private sector to actively participate and explore this new market, adding that this will help companies comply with international carbon reduction standards. Dr. Farid emphasizes that this market is a game-changer for businesses. It offers a way to offset some of the costs associated with carbon reduction projects, ultimately contributing to  achieving Egypt’s vision 2030 for sustainable development and transition to a low-carbon economy

Regarding the second track, Dr. Farid highlights the crucial role of data in this process, adding that building and analyzing a comprehensive database is essential for crafting effective policies, solutions and decisions. This data will be especially helpful in encouraging companies to participate in environmentally friendly activities and contribute to achieving the Sustainable Development Goals (SDGs). Analyzing this data would allow for better measurement, evaluation, and management of these efforts, ultimately leading to more efficient and effective environmental practice.

Regarding the third track, Dr. Farid points out that creating new financing options is key to motivating companies and institutions to participate in environmentally and socially responsible projects. He specifically mentions amendments to the Capital Market Law regulations. These amendments allow the creation of new financial instruments like blue and green bonds. These bonds offer companies ways to finance their growth while adhering to environmental, social, and sustainable development goals.

The discussions focuses on how Egypt’s development plans can contribute to broader global progress and how Egypt can cooperate with South countries. The Bank also offers various financing tools and solutions to support global development.

It is worth mentioning that NDB is formed in 2014 by the emerging economies of Brazil, Russia, India, China and South Africa and it is a bank dedicated to funding infrastructure projects in these countries. This forum is significant because it follows Egypt’s recent integration with the New Development Bank (March 2023) and official membership in the BRICS group (early 2024).