The Financial Regulatory Authority (FRA) aims to achieve the goals of regulators of the non-banking financial sector, which include ensuring its stability and safety, as well as improving the business environment, said Mohamed Farid, Chairperson of the FRA. He also highlighted the amendments to the Egyptian accounting standards that were issued by a decision of the Prime Minister based on the recommendation of the Egyptian Accounting Standards Review Committee. Farid also announced the FRA’s decision to issue Egyptian standards for the financial evaluation of establishments, by developing methodologies and models that suit the nature and work of emerging companies. He said that the FRA is digitizing non-banking financial transactions and making them a top priority in implementing the law to use technology in non-banking financial activities. Farid confirmed that carbon markets will be officially activated soon in support of the state’s efforts to achieve carbon neutrality following international standards and Egypt’s 2030 vision to achieve sustainable development.

Source: Daily News Egypt February 19, 2024 02:58 UTC