Egypt's Prime Minister Meets With FRA & EGX Chairmen

Egyptian Prime Minister Mostafa Madbouly held a meeting with Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), and Mr. Rami El Dokkany, Chairman of The Egyptian Exchange (EGX), to follow up on the latest developments in the Egyptian capital market, and to review the plans for the development of the market, as well as efforts to enhance upcoming activities of the non-banking financial sector.

Egyptian Prime Minister stressed the importance of coordination and integration of efforts between all parties to strengthen the performance of the Egyptian capital market, as well as the formulation and implementation of programs that raise the level of competitiveness of the market, as a key player in financing businesses developments.

Dr. Mostafa Madbouly explained that the program to expand the ownership base of state-owned enterprise through capital market is one of the priorities of the government abiding to the presidential mandates for economic reform, which includes enhancing the participation of the private sector in the economy to reach 65%.
Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority (FRA), stressed that the next stage will witness amendments to the listing rules of registration, increasing reliance on technology and insuring a better reach to different society segments.

Mr. Rami Al-Dokkany, Executive Chairman of the Egyptian Exchange (EGX), said that the coming period will witness integration between all market parties for the development of market ecosystem, including improving the quality of companies’ disclosures, raise the efficiency of investor relations managers and completing promotional efforts to attract new companies and new investors to enhance the liquidity and trading of the market.