Dr. Sahar Nasr, Minister of Investment and International Cooperation, witnessed today (11 September), the signing of two protocols by Ms. Mona Zoba, Executive Chairman of the General Authority for Investment and Free Zones, signed two protocols with both Mr. Mohamed Farid, Chairman of Egx, and Mr. Mohamed Abdel Salam, Chairman and Managing Director of MCDR, on the exchange of information and facilitation of procedures for the registration of corporate securities, in the presence of Dr. Mohamed Omran, Chairman of EFSA, and Counselor, Mohammed Abdul Wahab, Vice President Of General Investment Authority.
The minister explained that the two protocols signed between the General Authority for Investment and Free ZonesŲand the Egyptian Exchange, within the framework of improving the environment and climate of investment in Egypt, through the development and simplification of the mechanism for finishing the procedures of companies listing through the exchange of information and data electronically and switching to electronic systems in the performance of services provided, leading to simplification and facilitation of the procedures for the investors, which will finally reflect on the ranking of Egypt in the international reports, including the Doing Business Report of the International Finance Corporation (IFC) of the World Bank
The Minister mentioned that the two protocols are one of the most important steps in activating the investment law , and removing any obstacles facing investors, pointing out that the Ministry is currently developing the service center for investors,to include representatives from 74 entities as stipulated in the new investment law.
The minister stressed that the work is done as a single task force between the Ministry of Investment and thenon banking financial institution either with EGX or EFSA, within the framework of an integrated system of Legislative and institutional reforms, and the variation of financial instruments.
Mr. Mohamed Farid, Chairman of EGX, clarified that a joint executive committee would be formed to develop the the mechanisms, controls and executive procedures necessary to achieve the objectives of this Protocol which states the activation of information and date exchange electronically.
He pointed out that the issuance of the Investment Law with amendments related to the centeral deposit made by the companies , which allows each investor to be coded in EGX, confirming that representing all entities in one place facilitates the procedure to the investor.
He said that the occurrence of financial inclusion must precede a financial culture, which is the current focus of EGX the work of the stock exchange with its venue in GAFI ,which facilitates the institution's ability to reach all investors and offering them its products and services, and stressed that any economy seeks and targets achieving adequate growth rates that require high investment rates and the consequent recording of adequate savings rates.
Mrs. Mona Zoba said that the two protocols signed with EGX and MCDR come as part of the Authority's efforts to create an attractive investment environment to facilitate and simplify regulating the procedures for companies' listing on investors, and developing a mechanism for regulating listing procedures for companies that are established or amended their contracts and their main organization inside the Authority and its branches located in the governorates.
She explained that all parties will be located within the headquarters of the General Authority for Investment, to facilitate for investors, with the linkage to the Commercial Registry, pointing out that the exchange and MCDR would be a present inside the General Authority for Investment, stating that the elderly investors would have a special window inside the investors service center
Dr. Mohamed Omran, Chairman of EFSA, confirmed that a protocol had been signed between the Commission General for Investment and the Financial Control Authority, pointing out that the accreditation of the associations and the commercial register is being considered between the two entities, making it easier for companies under financial control, stressing the importance of deepening and financial inclusion, pointing out that the non- banking sector is not competing with the banking sector, but is completing Some of them.
Mr. Mohamed Abdel Salam, Chairman and Managing Director of MCDR, said that the protocol signed by the Company with the General Investment Authority under the framework of Investor service, pointing out that after the issuance of the investment law increased responsibility for companiesthe need to enter the central deposit of companies, explaining that the company will be located within the General Authority for Investment to facilitate the work of companies.
He explained that the company has amended the tariff offered by Egypt for the clearing of new companies, to reduce the financial burden of these companies, at the request of the Minister of Investment and International Cooperation, pointing out that the Minister asked them to provide 60 services to investors on a free basis, thus contributing to increasing the capacity of the network One "to accelerate the establishment of companies for investors, and encourages them to establish more companies.
He stressed that the electronic link between MCDR and GAFI will facilitate central deposits
