Dr. Mohamed Farid:
- Digital transformation is a strategic necessity for the growth of the insurance sector
- The next phase requires a greater role for the private sector in supporting structural reforms
Amanda Horan:
- Expressed optimism regarding Egypt’s investment environment
- Highlighted interest in growth opportunities and IPO prospects in the insurance sector
Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, held a bilateral meeting in Washington, D.C., with Ms. Amanda Horan, Vice President and Head of International Government Relations at MetLife, to explore avenues for enhancing joint investments and expanding the company’s presence in the Egyptian market.
The Minister emphasized that the coming phase requires a greater role for the private sector in supporting structural reforms, particularly within the insurance sector. He noted that digital transformation has become essential for improving service delivery and increasing market efficiency, thereby contributing to a higher share of the sector in the gross domestic product (GDP).
Dr. Farid invited the company to expand its insurance offerings through digital channels, leveraging recent regulatory facilitation measures such as electronic Know Your Customer (e-KYC) services and electronic signatures. These tools are expected to enhance access to a broader customer base.
The meeting also addressed the importance of integrating insurance companies into the comprehensive health insurance system, which would accelerate the expansion of healthcare coverage.
For her part, Ms. Amanda Horan expressed optimism regarding Egypt’s investment climate, commending the legislative and regulatory developments in the non-banking financial sector. She reaffirmed MetLife’s interest in expanding its operations in Egypt and monitoring potential listing opportunities in the insurance sector.
At the conclusion of the meeting, the Minister reiterated the Government’s commitment to attracting foreign investments that facilitate the transfer of technology and expertise, support the development of the domestic market, and enhance its overall competitiveness.
