"Financial Control" examines amendments to the national strategy for non-bank financial services

"Al Nashar": new numerical targets after the emergence of the second quarter indicators

The Board of Directors of the Financial Supervisory Authority revised the National Financial Services Strategy No Banking yesterday after its review before its final presentation to the Board at its next meeting.

Mohamed Omran, President of the Council, said that several proposals stemming from the Community dialogue on the strategy had been adopted in April. The Chair added that the strategy aims at ensuring the financial coverage and contribution of the non-bank financial sector to projects, including small and medium-sized enterprises and microenterprises, enabling all segments of society, including women's groups and women's groups. young people.
He also explained that the philosophy of the Egyptian Financial Supervisory Authority (EFSA) focuses in the next step to become an effective pillar to provide funding, increase disclosure, transparency and fight corruption . The second quarter indicators for the non-bank financial sectors contributed to the adjustment of some quantitative targets in the first draft strategy, noting that microfinance is at the top of the list of activities whose numbers show growth. Higher than the previous badumptions in the previous project.
Al-Nashar pointed out that most of the revisions focused on the digital side, with no substantial changes to the objectives of the strategy and its previously announced main lines.

The first draft strategy for the next five years aims to increase the Egyptian market capitalization to 50% of GDP and limit 150 companies by 2022. In insurance, the strategy aims to increase Insurance companies investments of 150 billion to 150 billion by 2022.
The strategy was also prepared in its initial version targeting real estate financing of 2022 to 20 billion pounds against 8 billion in the end from last year, as well as the increase in leasing portfolio to 50 billion pounds For micro The Authority's Board of Directors claimed that the adoption of A national strategy for the non-bank financial sector is an essential and important step to build an advanced financial sector open to the outside and able to contribute effectively to sustainable development plans for the future. 2030.
The Council recommended that specific programs and objectives be established each year to monitor the implementation of the strategy so that the objectives set out therein are achieved.