Cairo: Egypt, represented by Chairman of the Financial Regulatory Authority (FRA) Islam Azzam, has been elected as the chairman of the Growth and Emerging Markets Committee (GEMC) of the International Organization of Securities Commissions (IOSCO) for the 2026-2028 term. This election underscores Egypt’s enhanced international presence and its pivotal role in bolstering the efficiency and competitiveness of capital markets within member countries.
According to State Information Service Egypt, the chairman of the FRA will also assume the role of Vice Chair of IOSCO’s Board for the next two years, alongside his chairmanship of the GEMC. This dual role highlights Egypt’s significant influence in global financial market regulation. Azzam expressed gratitude for the confidence shown by members in his election, emphasizing that the appointment reflects Egypt’s esteemed regional and international position.
Azzam stated that the focus in the upcoming period will be on fostering cooperation and knowledge exchange among member countries to develop more efficient and resilient markets capable of confronting global challenges. He highlighted the FRA’s ongoing commitment to active participation within the committee.
The authority is set to support financial innovation by creating a business-friendly environment through the adoption of advanced technological solutions and the implementation of sustainable finance programs, Azzam added.
The GEMC is IOSCO’s largest committee, representing over 75% of its members, including 94 full members and 23 associate members without voting rights. It encompasses some of the world’s fastest-growing economies and 10 G20 countries. The committee plays a vital role in enhancing capital market efficiency, establishing principles and standards, facilitating information exchange, and providing training and technical assistance to its members.
This achievement highlights the FRA’s continuous efforts to modernize Egypt’s capital market, enhance its competitiveness based on global best practices, and offer a regulatory model recognized internationally for financial innovation, digital transformation, and sustainable finance initiatives.
Under Egypt’s leadership, the committee is anticipated to strengthen cooperation among member states, intensifying technical and knowledge coordination to tackle global economic challenges, support the development of capital markets in emerging economies, and promote inclusive and sustainable economic growth. This will further reinforce the resilience of the global financial system.