الهيئة العامة للرقابة المالية

• This planting initiative aims at reducing carbon emissions associated with transporting guests via aircraft to the 7^th  Sharm Rendezvous.

Dr. Mohamed Farid, FRA Chairman led a high-profile group of financial and regulatory leaders in a tree-planting initiative at Sharm El-Sheikh Friendship Garden. The attendees included Dr. Mohamed Maait, Executive Director For Arab States and The Maldives at the International Monetary Fund (IMF), Dr. Islam Azzam, Chairman of the Egyptian Exchange (EGX); and Alaa El-Zoheiry, Chairman of Insurers Federation of Egypt (IFE). In addition to Dr. Mohamed Abdel Aziz, Assistant to FRA Chairman and Mohamed Ayyad, FRA Media Advisor along with numerous leaders from the insurance sector and South Sinai Governorate.

This initiative aims at reducing carbon emissions resulting from the aircraft used to transport guests to the 7^th  Sharm Rendezvous.

This comes as part of the activities of the 7^th  Sharm Rendezvous, held from November 8 to 10, under the patronage of His Excellency the Prime Minister, Dr. Mostafa Madbouly.

The 7^th Sharm Rendezvous is held under the theme: “Insurance in the Era of Uncertainty.” The conference will highlight the industry’s role in building resilience against a confluence of interconnected risks from climatic and geopolitical threats to economic instability. Discussions will focus on two critical areas: designing products that meet the distinct needs of the Millennials and the Silver Generation and effectively addressing the challenges posed by Artificial Intelligence (AI) and digital transformation.

Tree-planting initiative aligns with FRA’s ongoing efforts to reduce carbon emissions. The Authority has launched the first Voluntary Carbon Market regulated by capital market regulators in Egypt and Africa, following the completion of all necessary legislative and regulatory frameworks. This new market is designed to support Egypt’s efforts to achieve carbon neutrality.

Through its Regional Center for Sustainable Finance (RCSF), FRA will collaborate with Insurers Federation of Egypt (IFE) to enhance sustainability across various sectors of the Egyptian economy. This includes measuring carbon emissions and implementing carbon reduction strategies, such as tree planting and carbon credit purchases.