Gov't offerings mainstay for revitalizing EGX during next stage: El-Dokany

CAIRO - 13 September 2022:  The government offering program represents a basic pillar for revitalizing the Egyptian Stock Exchange, according to the Head of the Egyptian Exchange (EGX), Rami El-Dokany.

 

El-Dokany stressed that the current period requires work to restore the confidence of the foreign investor to return to the Egyptian Stock Exchange, in addition to restoring the confidence of the local investor.

 

He revealed during the conference held by the Financial Regulatory Authority (FRA) on Tuesday that there are several axes that will be worked on during the coming period to revitalize the stock exchange, most notably increasing the values and volumes of transactions, while activating the role of Egyptian institutions to activate the capital market.

 

Head of the EGX added that the second axis is based on enhancing the role of financial technology in attracting new categories of investors, with the continuation of financial education mechanisms and the creation of new tools that would allow small investors to invest in the Egyptian Stock Exchange, stressing full coordination with the FRA to overcome obstacles that would negatively impact on the stock market or the economy in general.

 

For his part, Mohamed Farid, Chairman of the FRA, said that the authority has a strategy to increase the contribution of the non-bank financial sector to economic growth through the various sectors it supervises, including insurance, factoring and consumer finance.

 

He explained that the authority aims to increase investment rates in the non-banking financial sector with reliance on technology, noting that the authority has begun drawing a road map for the system of the non-bank financial sector in all its sectors.