Ahmed Issa, Minister of Tourism and Antiquities, has met Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), to discuss ways to enhance joint cooperation and how to develop the tourism sector through non-bank financial activities.
Ahmed Al-Wasif, Chairperson of the Egyptian Tourism Federation, also attended the Tuesday meeting.
Issa began the meeting by stressing the ministry’s keenness to develop cooperation mechanisms during the next stage with the FRA in order to support the Ministry’s efforts in helping tourism sector companies to grow and expand, so that the sector continues to play a pivotal role in the economy and GDP.
The meeting witnessed an exchange of views on how to develop cooperation mechanisms to support the ministry’s efforts to move forward towards developing the sector’s capabilities and enhancing its competitiveness.
It was agreed to hold specialized workshops and expanded meetings in the coming weeks, organized by the Financial Services Institute under the supervision of the authority in coordination with the Egyptian Federation of Chambers of Tourism, in order to familiarize the medium and small companies of opportunities to obtain financing through tools licensed by the authority, such as microfinance.
The meetings and workshops will also address the identification of the financing needs of these companies and the mechanisms that companies must follow to protect their rights when obtaining the required financing within the framework of the Authority’s role in working to protect the rights of dealers in the non-banking financial markets.
Farid expressed his appreciation for the interest of the Ministry of Tourism and Antiquities and its affiliated bodies to work on developing the sector’s capabilities and raising its competitiveness by taking advantage of non-bank financing activities subject to the supervision of the Authority, stressing that these meetings would help companies to diversify their sources of funding for the growth and development of their businesses and achieving their goals.