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Mohamed Farid, EGX Chairman, participated in the 3rd Annual Capital Markets Summit, attended by Dr. Sahar Nasr, Minister of Investment & International Cooperation, Mr. Mohamed Abd El Salam, Chairman of Misr for Central Clearing, depositary and registry company, and Dr. Fadi Khalaf, Secretary General of the Arab Stock Exchanges’ union.
In the conference’s opening session, Mr Farid said that the stock exchange is considered as a long-term gradual savings mean for all Egyptians, enabling them to hedge against prices’ fluctuations and inflation.
The Minister of Investment added that the government is serious and keen to implement a program to expand the ownership base of government companies through the stock market. Through doing this the governmental offerings would contribute to raising the stock market efficiency.
Farid stated that the recent amendment approved by the parliament on the capital market law is an important step. He added that this is the beginning of develop, modernize and raise the capital market capacity to serve as a platform for companies wishing to expand and grow on the long-term.
He pointed that the amendments put in place an integrated legislative framework for the “Sukuk” as a financial instrument that was not activated.
He declared that the governmental offerings will contribute to raise awareness about the stock market role in financing the investments necessary to achieve the target growth, and called for the need to engage all of the market participants in the awareness campaign.
