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19 Feb 2017

Draft Law of Financial Leasing Discussed by Dr. Nasr and EFSA’s Head

On 19 February 2017, the Minister of Investment and International Cooperation Dr. Sahar Nasr  met with Head of the Egyptian Financial Supervisory Authority (EFSA) Mr. Sherif Samy at GAFI's premises.

The Minister emphasized the necessity to accelerate the issuance of several draft laws that would allow the innovation of new financial tools in the money market, besides activating the largest financial leasing mechanisms. Both sides discussed the legislative agenda proposed by EFSA, which aims to facilitate financing projects, enhance financial inclusion and update rules governing insurance.

The Minister stated that MIIC gave priority to providing financing tools for SMEs and expanding microfinance as well as financing major enterprises.

Mr. Samy briefed the Minister on the developments witnessed by the money market during the last few months, especially in light of the public offering of a number of banks' and public companies' shares during this year.

Both sides discussed a new draft law of financial leasing and significant amendments in the Capital Market Law as well as the draft law of amending the executive regulations of the Supervision and Control of Insurance Law.

Further, Mr. Samy gave an overview of the EFSA's proposals relating to the investor protection index and the funding availability index, in light of the Minister's keenness on improving Egypt's ranking in the reports of business performance and international competitiveness.  ​