Egypt Financial Regulatory Authority to form joint working teams with Ministry of Local Development and Social Housing Fund to expand non-banking finance and insurance

The Egypt Financial Regulatory Authority held a coordination meeting with the Minister of Local Development and the Chief Executive of the Social Housing and Mortgage Finance Support Fund to explore cooperation on using non-banking financial services and insurance products provided by FRA-regulated entities. The parties agreed to establish joint working teams to develop an executive plan for cooperation and set priorities for implementation. The meeting reviewed financing, investment and insurance services across capital market activities, non-banking finance including mortgage finance, financial leasing, factoring and consumer finance, and insurance lines. Discussions focused on how governorates and the housing fund could use these services, with emphasis on insurance coverages intended to protect citizens against certain risks and reduce the burden of potential losses, alongside efforts to promote financial awareness of available services. Joint teams from the FRA, the Ministry of Local Development and the fund will define the cooperation plan and intervention priorities based on needs, aiming to extend non-banking financial services to the broadest possible group of citizens, including in villages and local centres.