Egypt - Financial Sector Reform Programme (FRSP-1)


Project Summary

Approval Date 26 Jul 2006
Signature Date 27 Nov 2006
Planned Completion Date 31 Dec 2009
Last Disbursement Planned Date 30 Jun 2010
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 354,160,321.29
Status Completion

Project General Description

Egypt’s Financial Sector Reform Program (FSRP) represents a comprehensive and far-reaching program of reforms. It seeks to enhance the efficiency of financial intermediation and risk management in the economy, to build safe and sound banking and non-bank financial sectors through comprehensive structural and financial reforms that will accelerate economic growth and development. The FSRP is follow-on to the significant economic reforms that Egypt has implemented over the past decade and a half that have contributed to the achievement of macroeconomic stability over the period. Even though financial sector reforms were part of the previous economic reform programs, they generally did not go far enough, and were also not fully implemented. The program will contribute significantly to the development of a market-based, competitive and sound financial system after it is fully implemented.

Project Objectives

The objective of the program is to develop a marketbased, efficient, competitive and sound financial system that could better serve Egypt’s development and growth objectives.

Beneficiaries

The beneficiaries of the program are: private sector businesses and individuals using banking and insurance services, Banking Supervision Department (BSD) of Central Bank of Egypt (CBE), Egyptian Insurance Supervisory Authority (EISA), insurance companies and insurance customers, corporate and individual investors and participants in the capital market.

Participating Organization

Funding
African Development Bank
Extending
Government of Egypt
Implementing
Ministère de l’Investissement

Information

IATI identifier 46002-P-EG-HZ0-001
Last Update 21 Oct 2020

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Geographic Location

Country Egypt