The meeting included a comprehensive review and introduction of the financial, investment, and insurance services provided by entities subject to the FRA's oversight and supervision. These services include capital market activities and non-banking financing activities, including real estate financing, financial leasing, factoring, and consumer financing, in addition to various types of insurance activities.
The meeting also discussed how entities affiliated with the Ministry of Local Development, including governorates and the Social Housing Fund, can benefit from these non-banking financial services and products, particularly insurance coverage, which contributes to protecting citizens from certain risks, enhancing their economic and social stability and reducing the burdens resulting from any potential risks.
Dr. Farid emphasized that the meeting comes within the framework of the Authority's commitment to enhancing cooperation and integration with various state institutions to introduce them to non-banking financial solutions and services and how to leverage them to support sustainable economic development plans. He said that the Authority is working to develop and provide innovative financing and investment solutions and insurance coverage that meet the needs of citizens in various governorates, especially those underserved, enhancing their economic capabilities and achieving financial inclusion goals.
He added that the Authority attaches great importance to integrating with the Ministry of Local Development to deliver these services to villages and districts, especially those targeted by local development plans and national initiatives.
Dr. Awad stressed that cooperation with the Egyptian Financial Supervisory Authority represents an important step toward enabling governorates to benefit from modern financial tools. She added: The Ministry is seeking to provide a supportive environment for citizens that enables them to obtain effective financing and insurance services, helping to improve the standard of living and create new job opportunities, especially in local communities. She also stressed the importance of spreading financial literacy and raising awareness of available services to ensure citizens' active participation in economic activities.
It was agreed to form joint working groups from the Authority, the Ministry of Local Development, and the Fund to develop an implementation plan for cooperation during the coming period and to identify intervention priorities based on needs. The goal is to ensure that non-banking financial services reach the largest possible segment of citizens, benefiting them and enhancing levels of social stability.