Egypt's FRA seeks to double non-traditional financing by 2026

MENA , Sunday 24 Jul 2022

Egypt's Financial Regulatory Authority (FRA) seeks to double non-traditional financing to reach EGP 820 billion by 2026 from EGP 370 billion in 2021 and about EGP 159 billion in 2017, the authority said in a statement on Saturday.

FRA
Egypt s Financial Regulatory Authority (FRA) headquarters. Photo: Al-Ahram

 

The FRA said it finalised receiving and discussing a number of proposals for the second stage of its 2022-2026 comprehensive strategy for non-financial activities.

The second stage of the strategy is a roadmap for the coming four years that aims to make the FRA one of the pioneering financial monitoring authorities with regional and international impact.

The authority underlined the importance of promoting partnership and cooperation with various market players in order to realise stability in non-financial activities.

The second stage of the strategy prioritises five axes, namely: promoting financial technology use, accelerating digital transformation and realising financial inclusion, bolstering sustainability levels and risk management, building an effective early warning system, improving the legal environment and stepping up financial culture and capacity building development.

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