File -Egyptian stock market
CAIRO - 26 April 2023: The Egyptian Exchange (EGX) announced Wednesday its participation in the Building African Financial Markets (BAFM) Conference.
The 11th edition of the conference was hosted this year by the Zimbabwe Stock Exchange entitled - “Managing Risks in Turbulent Times”. Several economy ministers, a number of senior decision-makers in African countries, and a number of international experts participated in the conference.
Rami El-Dokany, EGX Executive Chairman participated in the initial session - "The Role of Stock Exchanges Navigating Global Volatility", which was moderated by the CEO of Mauritius Stock Exchange (SEM). Managing Director of Ghana Stock Exchange (GSE) and CEO of Zimbabwe Stock Exchange (ZSE) also participated in the session.
The event discussed African Stock Exchanges correlation with global markets, and the risks arising from banking mal-practices in a number of countries while assuring the ability of the African banking sector to overcome these challenges due to their conservative policies. The session also discussed the impact of high interest rates and slowdown in foreign direct investment on African economies. The participants also discussed the role of multi-tiered exchange rates that are suboptimal and hinder foreign direct investment.
As a keynote speaker, El-Dokany presented EGX’s vision of carbon markets especially after the establishment of EGX’s VCM during COP27 and hence working to activate it.
El-Dokany also participated in the Board of Directors of African Securities Exchanges Association (ASEA), as a board member and chairs the Sustainability Committee. The meeting discussed a number of issues including the roles of the committees and approving cooperation agreements with both the African Union and CFA Institute. It also discussed the second phase of African Exchanges Linkage Project (AELP) to link African capital markets, which is a joint project between ASEA and African Development Bank with seven African stock exchanges participating. Its first phase was funded by a grant from the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund.