Regulatory Alerts2023-01-01
Board of Directors Resolution No. 93 of 2023
The General Authority for Financial Supervision issued Board of Directors Resolution No. 93 of 2023 to amend the capital requirements and licensing procedures for medium, small, and micro-enterprise financing companies. The resolution increases the minimum paid-up capital to 75 million Egyptian pounds (or equivalent foreign currency) and mandates that existing licensed companies align their operations within one year, with a possible two-year extension upon justified request. It takes effect the day after publication in the Egyptian Gazette and on the Authority’s official website, directly modifying Resolution No. 164 of 2020 to streamline licensing across four company categories.
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