The meeting was attended by Dr. Islam Azzam, FRA Vice Chairman, and other senior FRA officials, along with relevant economic and investment specialists from the Italian Embassy.
Dr. Farid provided an overview of recent developments in Egypt's
non-banking financial markets, highlighting the new Unified Insurance Law. This
legislation, he said, is a cornerstone in modernizing the insurance industry's
regulatory framework, paving the way for digitized financial transactions and
the increased use of financial technology (FinTech). These reforms aim to
expand insurance coverage, ensure market stability, and protect policyholders,
while also making the market more attractive to foreign investment and
supporting a more sustainable economy.
He also showcased Egypt's new voluntary carbon market, a
pioneering regional initiative designed to support the green transition. He
emphasized that this market offers a significant opportunity for Italian
companies specializing in clean technology and renewable energy to invest and
become strategic partners in financing climate action in Egypt and the wider
region. This move aligns with national efforts towards a low-carbon economy and
global carbon neutrality goals.
Highlighting Egypt's strides in digital transformation and
FinTech, Farid noted the country's commitment to fostering an
innovation-friendly regulatory environment. He stated that developing the
financial sector's digital infrastructure will deepen financial inclusion and
create substantial investment opportunities for Italian digital financial
solutions providers. He emphasized FinTech's role in boosting the non-banking
financial sector's capabilities and supporting Egypt's vision for comprehensive
financial inclusion.
Ambassador Quaroni expressed appreciation for the rapid
developments in the Egyptian market. He affirmed Italy's keen interest, both
governmental and private, in exploring partnership and investment opportunities
in these dynamic sectors, particularly the carbon market and the avenues opened
by the FRA's digital transformation efforts. He stressed his intention to
arrange follow-up meetings between technical teams to accelerate cooperation.
Dr. Farid concluded by reiterating the FRA's full commitment to continued coordination with the Italian side, aiming to translate these discussions into tangible investment partnerships that benefit both countries and contribute to Egypt's national economy.