Prime Minister discusses financial technology, sustainability at IOSCO meeting

Daily News Egypt
3 Min Read

Prime Minister Mostafa Madbouly participated Tuesday in the annual meeting and conference of the Committee on Developing and Emerging Markets and the Regional Committee for Africa and the Middle East of the International Organization of Securities Commissions (IOSCO).

He said that the meeting was an opportunity to exchange ideas and experiences on how to deal with the challenges and opportunities of financial technology and sustainability in the financial sector.

He pointed out that financial technology innovations and sustainability are key drivers of change, as they can promote financial inclusion and provide effective and sustainable access to financial services.

Madbouly stressed that this requires a growing economy, and noted that Egypt has adopted a national program for economic reform, aiming to enhance economic stability and accelerate growth and development in Egypt.

He explained that the economic reform program focuses on investing in infrastructure, creating a conducive environment for private sector activities, increasing growth rates, and creating more job opportunities, especially for women and youth.

The Prime Minister added that to facilitate access to finance, the government has implemented a program to enhance the participation of the private sector in economic activity. He said that the updated Egypt Vision 2030 is aligned with the structural economic reforms, and contributes to increasing employment rates and investing in human capital, as well as strengthening partnership with the private sector. He said that some of the reforms that Egypt has implemented have led to Egypt advancing by six places in the 2023 Sustainable Development Goals Index.

The Prime Minister emphasized that the non-banking financial sector plays a vital role in the economy, and noted that the government has implemented many legislative reforms to develop its legal framework in this regard, such as laws for micro, small, and medium enterprises and consumer finance. He said that these activities have become the main pillars of financial inclusion.

He also mentioned that the executive regulations of the Capital Market Law were amended to issue sustainability-related bonds and funds for environmental, social, and corporate governance practices, as well as introduce voluntary carbon markets under the supervision of the Financial Regulatory Authority (FRA). Moreover, he said that the first Egyptian law on non-banking financial activities was passed.

At the end of his speech, Madbouly said: “This is a difficult time that is full of challenges. However, I affirm that together, we can face these challenges, find opportunities, and achieve the desired growth through the exchange of experiences.”

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