FRA offers EGP 500m to support infrastructure development initiatives

Shaimaa Raafat
2 Min Read

The Board of Directors of the Financial Regulatory Authority (FRA), headed by Mohamed Omran, has decided to offer EGP 500m from the authority’s surplus to national initiatives, including the Decent Life initiative, which aims to improve the standard of living and quality of life for families in rural communities across Egypt.

The FRA’s funding will also include the “We Can Make a Difference” initiative. It aims to provide support to people with special needs.

“This step comes within the framework of the authority’s belief in the importance of standing with Egyptian state agencies to support the initiatives seeking to make urgent intervention to honour Egyptians and preserve their dignity and right to a decent life,” the Authority said in a statement on Sunday.

The FRA explained that this step was an immediate response to support the executive procedures to be implemented in the coming period and directed specifically to people with disabilities. This was previously announced at the end of last year during the “Differently Abled” celebration for people with special needs and disabilities. Part of this is formulating training and employment programmes for these individuals in various fields.

The Authority’s Board of Directors calls on all entities, companies, and unions working in non-banking financial activities to participate in supporting the Egyptian state’s initiatives. It also called on all state institutions with surpluses to follow in the FRA’s footsteps in order to mobilize all efforts to empower the state and help it deal with its increasing burdens.

In March 2020 and February 2021, the FRA also offered EGP 500m to alleviate the lower-income groups that were more severely affected economically by the coronavirus, bringing the total contribution of the authority to support the Egyptian state since the start of the coronavirus pandemic to EGP 1bn.

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