Egypt to establish domestic credit rating companies
The Financial Regulatory Authority of Egypt gave the okay to establish national companies for credit rating. The Okay was given by amending the rules for licensing as well as shareholding. These companies, being established outside the banking sector will enhance competitiveness in the market, as stated by the Chairman of the Financial Authority.
Previously the rules stated that in order for a national company to be established, a global credit rating company should be a shareholder in it. The new amendment abolished this requirement.