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Sherif Sami Chairman of Egyptian Financial Supervisory authority (EFSA ) revealed that the control unit on the activity of microfinance at authority agreed at its last meeting to grant licenses for the number 72 Association and Foundation eligibility to practice Activity microfinance, according to the provisions of Law 141 of 2014, and so the body has issued licenses for the number 407 and a civil institution and one company Association in microfinance over financing granted them for three billion pounds.
He added that there are more than 200 license request was brought with the end of the regularization deadline on 13 May and currently being tested in preparation for licensing, and pointed out that the Board of Trustees of the control unit on the activity of microfinance associations and NGOs has issued a decision No. 1 of 2015 on the conditions and requirements of the final license associations and institutions to engage in civil Activity microfinance, and that both those already receiving a temporary license or those that want to start practicing the activity.
Those conditions include the respect of the board of directors or the qualifications of the Director of Activity finance as well as internal regulations and risk management policies. He noted that he has to take into account the gradient in the conditions and according to the size of the portfolio of finance each association or institution.
Sherif Sami explained that the Board of Trustees of the unit acknowledged that the associations and institutions developments continue on a temporary license to practice Activity microfinance provided that progress through a period not exceeding July 31, 2015 application for a "final" license on the prescribed form, and the unit study license applications and get the necessary extrapolations and the issuance of the license applications completed within a period not exceeding September 30, 2015.
After the end of the period referred to, any association or institution of civil business of microfinance may not be what a young age were not licensed to practice the activity.
He noted that it was forming a temporary committee to prepare for the first meeting of the General Assembly of the Egyptian Federation of microfinance for the election of its first Board of Directors, after it was passed, the Statute of the Union.
The Commission published a call for a meeting of the General Assembly a day after Thursday, June 11, 2015 appeared to be held in Cairo, Alexandria and Assiut.
However close the door received a nomination for membership of the Board of Directors requests it offers a representative of the 41 companies, banks, associations and institutions, vying for the 10 seats filled.
Sherif Samy pointed out that in order to raise awareness of the law and licensing requirements and standards of business of microfinance has RTA was keen to hold a number of meetings and workshops in various regions of Egypt Minya included and Port Said, Qena, Beni Suef, Alexandria and Cairo brought together several hundred representatives of NGOs.
And also he met with head of the General Federation of associations and NGOs, also held an extended meeting at the headquarters of the Ministry of Solidarity and the presence of the minister to Ghada and Secretary General of the Fund for Social Suha Solomon.
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