Minister of Investment and International Cooperation Sahar Nasr said that Prime Minister Sherif Ismail issued a decree appointing Mohamed Omran as acting head of the Egyptian Financial Supervisory Authority (EFSA), pending the adoption of the procedures prescribed by the Constitution after the commencement of the session of the House of Representatives.
Nasr explained that EFSA will work to develop an integrated strategy for non-bank financial instruments to enhance the role of the sector in supporting the Egyptian economy, providing the necessary financing and injecting new investments, which will boost economic growth and contribute to the economic reform process.
She stressed the importance of completing the work of the authority on a number of laws that allow the development of new financial instruments in the capital market, in addition to the activation of the mechanisms of financial leasing, and to enhance financial inclusion, as well as update the rules governing insurance, working on the index of investor protection and the availability of funding, in light of interest in improving Egypt’s ranking in international business and competitiveness reports.
Mohamed Omran assumed the chairmanship of the Board of Directors of the Egyptian Exchange (EGX) for two tenures from 21 September 2011 to 6 August 2017. He also served as vice president of the Holding Insurance Company for Operations from October 2010 until September 2011. Omran also worked as professor of finance at the Faculty of Management and Technology of the Arab Academy for Science, Technology, & Maritime Transport, and vice president of the EGX for four years between 2006 and 2010. He then obtained a Ph.D. in Finance in 1999 from the University of Plymouth, UK. He has also worked as a visiting professor at many universities and research centres, such as the University of Plymouth, UK, the University of Oklahoma, US, the World Bank, the University of Lavelle, Canada, and the University of Vasa, Finland.
