Chairman of EGX Mohamed Farid and Minister of Investment Sahar Nasr during their participation in ASEA Conference, 20 November 2017- Press Photo
CAIRO - 20 November 2017: The Egyptian Financial Supervisory Authority (EFSA) is studying the establishment of a Transactions Risk Fund for stock market-listed companies, chairman of EFSA Mohamed Omran said Monday.
Speaking at the annual African Securities Exchanges Association (ASEA) conference, Omran said that the authority will also work on preparing the legal framework for new financial tools, such as the Green Bonds.
Vice-president of the World Bank Mahmoud Mohieldin also spoke at the same conference. The world has issued $12 billion in green bonds in the past period, "these tools are important to fund sustainable development plans of Africa," he stated.
There are signs of development in Africa such as the growth in gross domestic product (GDP) of North African countries, "however, it is crippled by high public debt and terrorism threats," Mohieldin added.
Reviewing investment opportunities in Africa, Mohieldin said that the continent has massive growth opportunities in the agricultural sector, which attracts high amount of labor, "investment in this sector is still below normal levels," he said.
The World Bank prioritizes projects with sustainable development targets, Mohieldin stressed. "Cooperation between African stock markets will help in developing the economies through giving attention to governance and developing small and medium enterprises," he noted.
The emerging markets worldwide need some $2.5 trillion to achieve sustainable development, Investment Minister Sahar Nasr said.
Opening the conference on behalf of Prime Minister Sherif Ismail, Nasr said in her speech that Africa will receive $60 billion in foreign direct investment (FDI) in total in 2017.