Last Update 1:41
Wednesday, 27 March 2019

Developing non-bank financial sector in Egypt vital to the economy: Minister of Business Sector

Tawfik's comments came as he inaugurated on Monday the first Annual Insurance and Reinsurance Forum in the Red Sea resort of Sharm El-Sheikh under the auspices of PM Madbouly

Ahram Online, Monday 29 Oct 2018
Egypt
Minister Hisham Tawfik inaugurates on Monday the first Annual Insurance and Reinsurance Forum in the Red Sea resort of Sharm El-Sheikh
Share/Bookmark
Views: 2317
Share/Bookmark
Views: 2317

Egypt's Business Sector Minister Hesham Tawfik stressed on Monday that the presence of a modern non-bank financial sector is key the sustainable development of the national economy.

Tawfik's comments came as he inaugurated on Monday the first Annual Insurance and Reinsurance Forum in the Red Sea resort of Sharm El-Sheikh under the auspices of Prime Minister Mostafa Madbouly.

The forum, organised by the Egyptian Insurance Federation, is being held from 29 to 31 October with more than 25 countries participating.

On Monday, Tawfik gave on behalf of the prime minister the opening speech of this year’s edition of the forum, titled ‘Spreading Precious Ideas.’

The minister highlighted the efforts exerted in recent years to develop the non-bank financial services sector in order to adapt to the pace of the global business community and its needs for innovative financial solutions.

Tawfik said that the insurance sector contributes just 1 percent to the GDP, a modest figure compared to the economies of other countries, where it is no less than 3 to 4 percent of the GDP.

The minister affirmed that the insurance sector in Egypt is currently developing through incentives including new legislation and structural reforms adopted by the state.

The forum calls for improving governance and strengthening the institutional framework of the sector to increase its contribution to the GDP to exceed more than 1 percent in the next four years. 

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.