Egyptian Prime Minister Moustafa Madbouli has said that his government is acting to develop non-banking financial services.

The government pays utmost attention to supporting efforts of the Financial Regulatory Authority (FRA) to secure funds needed to implement economic and social development plans, Madbouli said.

It is important to improve the entrepreneurship environment to be able to empower all parties and achieve economic growth, the premier stressed during a meeting on Tuesday night 10/1/2023 with board chairman of the FRA Mohamed Farid and board chairman of the Egyptian Exchange (EGX) Ramy el Dokany.

The meeting focused on efforts to upgrade the efficiency and competitiveness of all non-banking financial services, including insurance, real estate financing, financial leasing, factoring, consumer financing, microfinance and movable collateral registry.

Madbouli pressed for integrated efforts among all parties concerned to strengthen the performance of the Egyptian stock market.

He said the government will be working in the coming stage to complete a program to expand ownership of state-owned companies, and to increase the contribution of the private sector to the different economic activities in line with directives by President Abdel Fattah El Sisi.

Source: State Information Service Egypt