Cairo: Continuing its growing openness to international partnerships, Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority, welcomed the Italian Ambassador to Cairo, Michele Quaroni, and his accompanying delegation at the Authority's headquarters to discuss ways to enhance cooperation between the two sides and boost Italian investments in the Egyptian market, particularly in promising non-banking financial sectors.
According to State Information Service Egypt, this meeting was attended by Dr. Islam Azzam, Vice Chairman of the Authority, along with several leaders from the Authority and representatives from the Italian Embassy in relevant economic and investment specialties. During the meeting, Dr. Farid presented a comprehensive overview of the key developments that have taken place in the non-banking financial markets in recent months, most notably the issuance of the Unified Insurance Law. This law serves as a cornerstone for modernizing the legislative and regulatory framework of the Egyptian insurance industry, aimed at regulating and digitizing financial transactions while enhancing the use of financial technology.
Dr. Farid also reviewed the Authority's efforts to launch a regulated and monitored voluntary carbon market, which represents an opportunity for Italian companies in clean technology and renewable energy to contribute as investors and strategic partners. He stressed that the establishment of this market aligns with national efforts aimed at transitioning to a more sustainable and lower carbon economy, in line with global trends seeking to achieve carbon neutrality.
In discussing digital transformation and financial technology, the Chairman highlighted Egypt's movement towards establishing a regulatory environment that stimulates innovation. This includes developing the digital infrastructure for the financial sector, creating investment opportunities for Italian companies in financial digital solutions, and supporting Egypt's vision to achieve financial inclusion and digital transformation.
For his part, the Italian Ambassador expressed appreciation for the developments in the Egyptian market and affirmed Italy's interest in exploring partnership and investment opportunities in dynamic sectors such as the carbon market. He confirmed his commitment to holding meetings between technical teams from both sides to expedite cooperation.
At the conclusion of the meeting, Dr. Farid confirmed the Authority's readiness to continue coordination with the Italian side to transform discussions into genuine investment partnerships that benefit both parties and contribute positively to the national economy.