Egypt focuses on reforming sectors separately: EGX Chairman

Cairo -12 November 2019: Egypt turned from focusing on macroeconomic reform to concentrating on reforming separate sectors, Chairman of the Egyptian Exchange (EGX) Mohamed Farid said Tuesday.

Farid added during Egypt’s Economic Summit that Economic reform is a method and not a goal, Farid

Farid affirmed that decreasing poverty rates is a priority to allow citizens buy and increase the consumption rates.

“Growth rates depend on main axes of net exports, consumption growth and net investment growth through private and public sectors,” Farid stated.

Moreover, Farid clarified that financial market is a main contributor and supporter of economic growth.

He further referred to listing a bond if Urban communities Authorities on EGX lately.

EGX conducted several amendents recently, including simplifying procedures and allowing funding for corporates, Farid

Net foreign investment “net purchases” jumped to LE 21 billion in securities after November 2016, up from around LE 1-1.5 billion, Farid said.

Farid also noted that foreign investors were net buyers at LE 38 billion in bonds after November 2016, compared to LE 2-3 billion then.

This came during the opening session of Egypt Economic Summit held Tuesday, Nov. 12, under the auspices of Prime Minister Mostafa Madbouli.

The summit tackled Egypt’s vision post the economic reform program, including panels related to sectors of banking and finance, Information and Communication Technology (ICT),Industry, Investment, and real estate.

The opening session was inaugurated by Minister of Trade and Industry Amr Nassar, with the participation of Chairman if Federation of Egyptian Banks, and Chairman of CIB, President of Arab Investment Union and the Egyptian and the European Business Council Mohamed Abou El Enron, and Guest of Honor Hani Sarie-El din.

Guest of Honor, Hanoi Sarie El-Din opened the speeches of the conference,
addressing a speech on how to draw up a roadmap to achieve sustainable growth rates to complement the economic recovery and how to exploit the gains of the economic reform program and achieve a qualitative shift at the level of various economic sectors.

The opening session discusses how the sustainable development strategy (SDS) represents a roadmap for maximizing competitive advantage to achieve the dreams and aspirations of Egyptians in a dignified and decent life.