Dr. Nasr: “Small investors and minority rights in the capital market are protected in a manner that maintains a level playing field”.
The Minister of Investment and International Cooperation Dr. Sahar Nasr met with the Chairman of the Egyptian Exchange (EGX) Mr. Mohammed Farid Saleh at MIIC premises.
Both sides discussed the development of the Egyptian stock market, in a manner that would contribute to improving Egypt’s economic level. The Minister indicated that MIIC gave attention to the development of the stock market within the framework of the economic reform program. . She called on Mr. Saleh to establish a developed system for the Egyptian capital market to qualify it to play its role as a regional financial hub, along with enhancing Egypt’s financial position so as to render it a perfect choice as a leading regional hub for global financial companies and institutions. This is in addition to increasing transactions in the EGX, encouraging long-term investments and supporting the principles of disclosure and transparency at the Egyptian capital market based on the principle of governance.
On his part, Mr. Saleh explained that the EGX would work on providing an adequate environment for the Egyptian capital market’s contribution to financing the economic growth process and enhancing the stock market through introducing new financial mechanisms and instruments. He pointed out that the state-owned companies’ new offerings would contribute to expanding the ownership of companies, allowing investors various trading trends. He further noted that cooperation would be undertaken with associations working in securities in order to reach development plans in the stock market, besides achieving integration with all state institutions.
The Minister called on EGX’s Chairman to further support SMEs since they would, in turn, support Egypt’s economy and entrepreneurship and provide youth with job opportunities. She explained the Initial Public Offering (IPO) program would provide a major boost to the Egyptian economy and increase the support provided to SMEs so that they would play a greater role.
The Minister also reiterated the significance of protecting small investors and minority rights in the Egyptian capital market in a manner that would ensure maintaining a level playing field.