Arab Finance: The Financial Regulatory Authority (FRA) has given a grace period of three months for the non-bank financial companies (NBFCs) under establishment to increase their issued and paid-up capital to at least EGP 75 million or their equivalent in foreign currencies, as stated on May 24^th.

The decision is applicable to companies seeking to obtain licenses from the FRA to practice the activities of finance leasing, factoring, microfinance, financing small and medium enterprises, or consumer finance.

The grace period will be granted to NBFCs that submitted establishment proposals, those which received preliminary approvals for incorporation, or the ones seeking to obtain licenses from the FRA to operate within one or more of the aforementioned activities.

The FRA has the right to extend the period to a maximum of one year depending on the justifications suggested by firms.

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