Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), and Mohamed Abdel Wahab, Executive Director of the General Authority for Investment and Free Zones (GAFI), met on Monday, to set up a sustainable coordination mechanism to accelerate the pace of problem solving and unify the regulatory efforts of the two bodies to improve the investment environment.
During the meeting, it was agreed to form a coordinating committee of the executive leaders of the two bodies to work on all common files and do concerted efforts with regard to cumulative voting applications, as well as accelerate the pace of mergers for companies under the jurisdiction of FRA through extensive representation of financial control in the committees concerned with economic performance.
In addition, there were calls for speeding up the pace of solving investor problems in a way that improves the investment environment. The Coordination Committee is set to meet twice a month to submit its reports periodically.
Abdel Wahab said that a working mechanism that is reflected in the formation of a joint committee of specialists in the two bodies will facilitate the flow of report monitoring and coordination to take the necessary measures in several common matters to serve investment in Egypt.
He added that GAFI is exerting effort on facilitating the necessary legal procedures to attract investors. It is also working to overcome any obstacles that may stand in the way of the flow of foreign investments.
Senior leaders from the two bodies participated in the meeting. At the end of the meeting, Farid took the meeting participants on an inspection tour of the Authority’s non-banking financial culture knowledge complex to learn about the complex’s activities which take place in harmony and coordination through one place.