PM, EGX Chairman reviews plan to achieve digitization goals

CAIRO - 11 April 2022: Prime Minister Mostafa Madbouly, met with Mohamed Farid Saleh, Chairman of the Board of Directors of the Egyptian Stock Exchange, to review the proposed action plan in order to achieve the goals of digitization, and for all citizens to benefit from investing in the stock market, in a way that contributes to attracting foreign investments and providing the necessary funding to achieve the sustainable development goals in Egypt's Vision 2030.

 

The Prime Minister stressed that this meeting comes within the framework of the government's keenness to coordinate permanently with the Egyptian Stock Exchange, and to adopt and support ambitious plans aimed at achieving financial and investment inclusion, and facilitating services through digital transformation, to increase the Egyptian market's ability to attract investments.

 

 

For his part, the head of the EGX presented a number of indicators related to the work of the Egyptian stock market during the recent period, which included the development of the value of the offerings as a result of the resumption of the government offering program, in addition to the increase in the number of investors in the market as a result of efforts to spread the culture of investment and savings and promote the stock exchange, in order to serve the listed companies and the Egyptian economy as a whole, as well as the development of the value of institutional investment in the Egyptian Stock Exchange, which requires work to increase it during the next stage.

 

 

Farid also presented the most prominent features of the proposed work plan, and the necessary operational steps to implement it, in cooperation with the relevant ministries and authorities.

 

He stressed that the plan targets a number of mechanisms that contribute to increasing the number of listed companies and the number of investors to advance the Egyptian capital market, increase its competitiveness and expand its ability to provide financing for various economic sectors.

 

“In addition to increasing the proportion of the government institutional investment component in the stock market, and the development of government offerings as a key element in increasing the number of investors in the market, as well as attracting foreign capital, which contributes to supporting the country's plans to achieve comprehensive sustainable development goals,” he added.