In a recent meeting with the leadership and staff of the Financial Regulatory Authority (FRA), Mohamed Farid, the Chairperson of the Authority, emphasized the FRA's continuous efforts in modernizing Egypt's financial regulatory framework to align with international standards and practices. This initiative is key to enhancing the efficiency and transparency of the country's financial markets, fostering investment, and supporting Egypt's overall economic growth. Farid, whose term as Chairperson was renewed by President Al-Sisi through a Presidential Decree on 7 August 2025, stressed that modernization would remain a central focus under his leadership. He noted that this approach is essential to improving Egypt's financial market infrastructure, increasing its competitiveness on the global stage, and attracting greater foreign investment. "Despite the challenges, the FRA's path remains clear. We will continue to strengthen the role of non-banking financial services, boosting their contribution to Egypt's economy," Farid remarked. "Our work is driven by dedication, integrity, and a relentless commitment to achieving the highest standards of excellence." This marks the start of Farid's fourth term as Chairperson, following his appointment in 2017. During his tenure, the FRA has made significant strides in modernizing its digital and regulatory infrastructure. Farid highlighted the digital transformation as one of the key pillars of progress, which has enabled the sector to attract foreign investment and adapt to evolving global practices. Notably, the FRA's efforts have included advancements in sustainability initiatives, such as the activation of the voluntary carbon market, further demonstrating the Authority's commitment to integrating environmental considerations into the financial landscape. Farid also expressed his commitment to continuing the path of reform, stating: "Our goal is not just to issue regulations, but to ensure they have a lasting developmental and societal impact." He acknowledged that while the road ahead would require hard work and persistence, the FRA is more than capable of meeting these challenges. Concluding his remarks, Farid emphasized the importance of unity within the FRA team, saying: "Together, we will strengthen Egypt's financial sector, supporting the national economy and ensuring stability and growth for this vital industry."
