الهيئة العامة للرقابة المالية

Dr. Mohamed Farid, FRA Chairman:

• Key collaborative efforts with the joint mission include strengthening sustainability practices, boosting the carbon market, driving digital transformation and fostering entrepreneurial growth.
• A robust capital market is essential for attracting foreign investment and channeling savings into projects that drive economic and social progress.
• FRA highly value partnerships with development institutions in projects and programs that enhance the capital market and support sustainable economic growth.

The World Bank/IFC joint mission:

• We value our partnership with FRA and recognize the significant progress being made towards sustainable development and a more competitive capital market. This work is essential for driving private sector growth and generating employment opportunities

Dr. Mohamed Farid, FRA Chairman convened a meeting with the joint mission from the World Bank and the International Finance Corporation (IFC) to explore collaborative opportunities within the Joint Capital Market Program (J-CAP). The meeting was attended by senior FRA officials and representatives from the Ministry of Planning and Economic Development and International Cooperation.

Dr. Farid conveyed his gratitude for the ongoing cooperation and coordination with international development institutions, underscoring that this collaboration aligns with FRA’s strategic commitment to fortify its global partnerships with organizations and entities sharing common objectives. He elaborated that the purpose of this cooperation is to stay abreast of global financial market advancements, thereby enhancing the efficiency and competitiveness of Egypt’s capital market. This will be achieved through the provision of innovative financial services and products that bolster national economic growth and realize its intended targets. He further emphasized the critical need for collaborative efforts to cultivate a conducive operational landscape, empowering Egyptian entrepreneurs and startups to expand and develop their enterprises. This will be facilitated by diversifying funding avenues and streamlining access to financing procedures and requirements, ensuring they are accessible, rapid and efficient, from the inception of the business through its operational phase.

Dr. Farid highlighted Egypt’s groundbreaking launch of its first regulated voluntary carbon market, overseen by capital market regulatory authorities. This initiative underscores Egypt’s commitment to transition to a sustainable, low-carbon economy, aligning with global efforts towards carbon neutrality.

Also, he confirmed that the Authority has finalized the market’s infrastructure, ensuring its operational readiness. Dr. Farid underscored the vital partnership with the World Bank and its affiliates in equipping Egypt’s business community with the knowledge to leverage this new market. He further emphasized the urgent need to drive corporate participation in sustainability and climate resilience, specifically through incentivizing emission-reducing projects that adhere to FRA’s rigorous standards.

Dr. Farid underscored FRA’s strategic commitment to fintech and digitization of non-bank financial transactions, recognizing their transformative potential. This proactive approach not only strengthens the non-bank financial sector’s operational capacity but also accelerates insurance, investment and financing inclusion, directly contributing to Egypt’s overarching financial inclusion and digital transformation objectives. He affirmed that fintech serves as a powerful engine that facilitate access to essential non-bank financial services across all levels of society.

Both parties agreed to define priorities and work on their implementation based on the topics discussed during the meeting, which emphasized the necessity of formulating action plans that include all the required resources to ensure the achievement of the desired goals. This initiative aligns with efforts to boost the Egyptian economy’s competitiveness and attract foreign investment by strengthening the non-bank financial sector’s ability to provide innovative financing for sustainable growth.

Since its launch in 2017 and operational commencement in 2018, the World Bank and IFC’s Joint Capital Market Program (J-CAP) has focused on empowering the private sector to fund pivotal projects, including SMEs, infrastructure development, green finance initiatives and ESG targets. J-CAP actively works with investors to mobilize domestic and international capital, facilitate market transactions through expert consultations and drive the creation of new investment mechanisms, such as small projects securitization, mortgage-backed securities and green bonds in emerging markets.