Arab Finance: Islam Azzam, Chairman of the Financial Regulatory Authority (FRA), and Alexey Guznov, Deputy Governor of the Bank of Russia, discussed boosting cooperation in the insurance sector, according to a statement.

The meeting reviewed recent developments in the non-banking financial markets of both Egypt and Russia, exploring opportunities to expand coordination and exchange expertise, particularly in light of their membership in the BRICS group.

Azzam emphasized the FRA’s commitment to scaling partnerships with various international regulatory and financial institutions to cope with global market developments, support Egypt’s non-banking financial activities, and drive sustainable growth.

For his part, Guznov affirmed that Egyptian-Russian relations continue to deepen across multiple fronts, supported by the shared commitment of the political leadership in both countries to strengthen bilateral economic cooperation.

Russia's state nuclear energy corporation Rosatom recently announced that Egypt has become the largest recipient of financing among the company's nuclear projects worldwide, driven by the development of the Dabaa Nuclear Power Plant.

In April, Russian President Vladimir Putin unveiled plans to establish a grain and energy hub in Egypt, affirming his government’s commitment to securing food product supplies, particularly grains, to the country.