Local Development Minister Moves To Expand Access To Non-Banking Financial Services Outside Cairo

2025-09-09 11:03:22

(MENAFN- Daily News Egypt) Manal Awad, Minister of Local Development, has held a meeting with Mai Abdel Hamid, CEO of the Social Housing and Mortgage Finance Fund, alongside senior officials from the Ministry of Local Development, the Fund, the Financial Regulatory Authority (FRA), and representatives of the Ministries of Justice and Interior.

The discussions focused on strengthening cooperation to expand residents' access to non-banking financial services, including insurance products, mortgage finance, financial leasing, factoring, consumer finance, and other regulated activities overseen by the FRA. The move comes as part of the state's wider efforts to promote financial inclusion and drive sustainable economic and social development.

The meeting also reviewed how entities affiliated with the Ministry-such as governorates and the Mortgage Finance Fund-can benefit from these services, particularly insurance coverage to protect citizens against risks, thereby supporting economic and social stability while reducing financial burdens on households.

Attendees further examined a proposal submitted to the Cabinet by the Ministry of Local Development, in coordination with the FRA and the Social Housing Fund, to establish a risk coverage system for the demolition of social housing properties in governorates.

Awad affirmed the Ministry's commitment to working with the FRA and the Social Housing Fund to leverage modern financial instruments, offering innovative financing and insurance solutions tailored to the needs of citizens, especially underserved groups. She stressed that extending non-banking financial services to the widest possible segment of society is key to strengthening social stability.

The minister also highlighted the importance of creating a supportive environment that allows citizens to access effective financial and insurance services, improving living standards and fostering more resilient local communities.

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