International Cooperation Minister Sahar Nasr talks during an interview with Reuters in Cairo, Egypt, December 8, 2015. Egypt expects to receive $1.5 billion from the World Bank and African Development Bank by year-end to support the budget and could disc
CAIRO – 23 April 2019: The Egyptian Exchange (EGX) played a role in attracting foreign investments to Egypt by 0.04 percent despite the slowdown in the global economy during 2018, according to Minister of Investment Sahar Nasr.
Nasr added during her speech at the opening session of the 10th Annual Conference of the Union of Arab Stock Exchanges that the importance of the bourse is not limited to economic growth support but extends to good governance and companies disclosures, which puts it on the global investment map.
She also referred to the role of women in making decisions in the companies’ boards.
She further referred to the government’s efforts to configure the investment climate from the legislative point of view through legal amendments to the capital market and companies and investment law issuance, affirming the government’s keenness on supporting all reforms of Arab Stock Exchanges.
The 10th Annual Conference of the Federation of Arab Stock Exchanges was inaugurated by Nasr and Minister of Public Business Sector Hesham Tawfik, Chairman of EGX Mohamed Farid in the presence of First Vice President of the World Bank for the 2030 Development Agenda, and United Nations Relations and Partnerships Mahmoud Mohieldin and representatives from 34 countries.
The conference was held under the patronage of Prime Minister Mustafa Madbouli as part of efforts to develop capital markets and increase the Arab stocks' role in achieving strong and sustainable economic growth that serves the Arab peoples.
Nasr called for enhancing joint cooperation to face obstacles that hinder the development of the Arab bourses to boost their role in developing and activating economy and remove all restrictions that prevent the promotion of inter-investments in securities and transfer of technology, which will strengthen the current efforts.
She also expressed hope that the conference sessions will contribute to the development of capital markets at the Arab level and increase the role of stock exchanges in attracting more investments.
For his part, Minister of Public Business Sector Tawfik elaborated that his ministry is on its way to offer one of its affiliate companies on EGX within the framework of cooperating with the private sector to develop these companies.
Moreover, Farid said that he will work with the union to make a shift in the Arab stock exchanges in light of the cooperation between the stock exchanges.
He pointed out the importance of stimulating companies and informing them of the importance of being listied in the stock markets.
Farid pointed out that one of the most important challenges facing the Arab stock exchanges is the unorganized competition with new markets, pointing out that the Arab markets have the most organized legislation.
Also, he stressed that he will work to support the companies of entrepreneurship during his tenure as the secretariat of the Arab Stock Exchanges, calling for investment in Capital markets.
The Egyptian Exchange (EGX) showed a semi-collective regression during Monday’s session, as EGX30 dipped 0.25 percent, EGX70 lessened 0.68 percent and EGX100 declined 0.66 percent, while EGX50 rose 0.19 percent.