Egypt Minister Of Investment, CEO Of MSMEDA, And EGX Executive Chairman Share Ringing The Bell Celebrating Singing Of Cooperation Protocol To Support Small And Medium Enterprises

Celebrating the international day for micro, small, and medium enterprises, The Egyptian Exchange hosted - at its headquarters downtown- signing cooperation protocol between The Egyptian Exchange and Micro, Small and Medium Enterprises Development Agency (MSMEDA). The cooperation protocol aims to support and qualify promising companies, and enhance their benefit from the financing mechanisms provided by the Financial market, with the attendance of Dr. Mohamed Farid, Minister of Investment and Foreign Trade.

 

Mr. Omar Radwan, Executive Chairman of the Egyptian Exchange signed the protocol of cooperation with Mr. Bassel Rahmy, CEO of Micro, Small and Medium Enterprises Development Agency (MSMEDA), in the attendance of Mr. Mohamed Ayyad, Assistant to the Minister of Investment and Foreign Trade for Media Promotion and Information, and Mr. Mohamed Sabry, Vice Chairman of the Egyptian Exchange, besides number of leaders from the financial and banking sectors and representative of concerned institutions.

 

The protocol is within the framework of supporting efforts of Dr. Mostafa Madbouly, Prime Minister and Chairman of the Board of Directors of MSMEDA, aiming to create more supportive business environment for micro, small and medium enterprises, through enhancing coordination between concerned entities facilitating funds, and expanding the range of provided services for entrepreneurs and business owners, enhancing contribution of this vital sector to the national economy.  

 

Celebrating this event, The Egyptian Exchange organized “Ringing the Bell” with participation of financial and banking leaders, as well as representatives of the concerned organizations and institutions, emphasizing the importance of supporting small and medium enterprises being one of the main drivers of the economic growth creating job opportunities.

 

The protocol aims to expand the number of companies benefiting from financial mechanisms and markets, enhancing cooperation and coordination between both parties to spread awareness of the benefits of financing through the financial market, and introducing the available investment and financing opportunities for promising companies, contributing to support their ability to grow, expand and achieve sustainability.

 

Dr. Mohamed Farid, Minister of Investment and Foreign Trade, emphasized that the country is working to enhance integration between the entities involved in investment, foreign trade, and entrepreneurship, providing an integrated system to support the Egyptian companies enabling them to expand and increase their competitiveness. He pointed out that achieving sustainable economic development requires effective coordination between government entities, financial and regulatory institutions, and development partners to maximize benefits of the private sector from the available opportunities and enhance its contribution to the economic growth.

 

The minister clarified that the ministry is implementing programs and initiatives to develop abilities of the companies qualifying them to meet the requirements of international markets. Besides developing the services presented to exporters through modern foreign trade platforms that provide data of the targeted markets, international trade indicators, customs tariffs, as well as regulatory and technical requirements of accessing the different markets. This support companies to make decisions and expand abroad, contributing to promote export culture being one of the main drivers of economic growth and increasing foreign currency resources.

 

Dr. Mohamed Farid pointed out that success of the companies to access the global markets is related to adhering to International standards of quality and technical specifications. He highlighted the importance of directing financing and investment mechanisms towards companies capable of growth, expansion, and exportation, considering finance as one of the main pillars enhancing competitiveness and increasing the share of companies in production, exportation, and creating job opportunities. He added that EGX is one of the important mechanisms to support growth of companies providing necessary financing for their expansion plans through listing and offering, benefiting from the financing mechanism available in the financial market.  

 

The Minister also emphasized that the Egyptian sovereign fund is ready to share in the qualified promising companies through its subsidiary funds, mainly the Industrial fund, and the exporting companies fund, enhancing their financing abilities and supporting their growth and expansion plans. He pointed to the continuous efforts of the country to develop the business environment and improve investment, empowering small and medium sized companies enabling them to access finance and well as foreign markets, enhancing contribution of the private sector and exports to achieve growth and sustainable development.

 

From his side, Mr. Bassel Rahmy, CEO of MSMEDA, emphasized that signing cooperation protocol with the Egyptian Exchange represents a significant step to support small and medium enterprises sector, opening new horizons for companies to benefit from the available investment and financial mechanisms available in the capital market, enhancing their opportunities of growth, expansion and competitiveness.

 

Rahmy clarified that cooperation with the Egyptian Exchange is the result of joint efforts between both parties in line with celebrating the international day for micro, small and medium enterprises. He pointed out that the protocol aims at qualifying promising companies to be listed on EGX, enabling them to benefit from the non-traditional financing channels through clear implementation and follow-up mechanisms ensuring achieving goals.   

 

He added that MSMEDA, for the first time in its history, became a sponsor and accredited agent for listing of SMEs companies seeking to join EGX, providing the necessary technical and financial support. He emphasized the continuity of cooperation with EGX to promote financial literacy and simplify listing procedures, enabling companies to achieve sustainable growth, supporting the national economy.

 

From his side, Mr. Omar Radwan, EGX Executive Chairman, emphasized that this cooperation comes within the framework of the ongoing national efforts to support SMEs sector as per the directions of the political leadership and the vision of Egypt for sustainable development.  

 

Radwan praised the government efforts with the leadership of Dr. Mostafa Madbouly, Prime Minister, aiming to create more supportive business environment for this sector through enhancing coordination between different entities, facilitating finance, and expanding range of services provided for entrepreneurs and business owners, enhancing contribution of this sector to the national economy.

 

He added that through this protocol, EGX aspires to build effective partnership with MSMEDA contributing to spread awareness of the available finance opportunities through the capital market, enabling more companies to benefit from the financial mechanisms provided by EGX to support growth and sustainability.

 

EGX CEO highlighted commitment of the Egyptian Exchange to continue cooperation with the various national entities and institutions to support SMEs, providing supportive environment enabling them to benefit from non-banking financial mechanisms and financial market, enhancing growth opportunities and competitiveness abilities, contributing to achieve economic development goals of the country.