Capital markets 'major player' in mobilizing savings, supporting development: EGX Chairman

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Sun, 18 Jul 2021 - 04:27 GMT

Head of the Egyptian Stock Exchange Mohamed Farid - File Photo

Head of the Egyptian Stock Exchange Mohamed Farid - File Photo

CAIRO – 18 July 2021: Chairman of the Egyptian Exchange (EGX) Mohamed Farid, stressed the importance of the role that capital markets play in providing the necessary funding to support the international goals of sustainable development, and mobilizing more global savings resulting from the decline in consumption rates affected by the repercussions of the Corona pandemic and redirecting them to investments with environmental and social development returns, which would support international efforts to achieve a resilient and sustainable recovery after the Corona pandemic.

 

This came during Farid's participation in the activities of the United Nations High-Level Political Forum on Sustainable Development (HLPF), held virtually in New York, in partnership with UNCTAD, the United Nations Development Program as well as the United Nations Department of Economic and Social Affairs and the International Labor Organization.

 

Farid said that the management of the Egyptian Stock Exchange is working to define and motivate listed companies to further engage in global practices related to environmental and social standards and support gender equality, according to a press release.

 

 

The Chairman of the Stock Exchange stressed that the availability of financial tools and investment products for this type of companies meets the approval and great demand from international institutions that pay great attention to investing in companies that are better in terms of environmental, social and governance aspects.

 

"Recording companies' securities in the capital markets enhances their ability to adhere to the best international standards and practices in issues related to environmental and social standards and governance efforts, which qualifies them for inclusion in international indicators that include companies with environmental and social policies and practices and support for gender equality, thus contributing to diversification of investments flowing through the money markets,” Farid added.

 

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