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In accordance with the mandates and decisions issued by Dr. Mustafa Madbouly, Egyptian Prime Minister and as a continuation to EGX’s efforts to coordinate with all parties to increase governmental institutional investment in the Egyptian market, Dr. Mohamed Farid, Executive Chairman of EGX, held two meetings with institutional investors to formulate a framework and action plan to increase their investments in the Egyptian capital market.
The meetings, held in the presence of Dr. Jehan Saleh, economic advisor to the Prime Minister, assessed the current situation of government institutions investments in the Egyptian market. The meetings also discussed an action plan with viable targets, follow-up and measurement, to remove obstacles and increase investments in the Egyptian market.
Dr. Mohamed Farid, Executive Chairman of the Egyptian Exchange , said that both meetings witnessed close views between different parties and cooperation to remove all obstacles along with simplifying all the requirements necessary to increase the percentage of institutional investment in the stock market. Discussions held were in line with all international practices stating that insurance funds and pensions are the largest investors in the stock markets.
Dr. Farid explained that the second meeting included investment officials' Egyptian post, endowments, public and private insurance, pensions and representatives of the Central Accounting Authority as well as investment managers, participants agreed to start preparing and formulating proposals and action plans that are applicable in each field in an effort to achieve a benefit for all, which ends up enhancing the liquidity and revitalization of the Egyptian capital market.
Dr. Farid confirmed that increasing the institutional investment in the market would provide additional liquidity and help foreign investments that always look at the volume and values of local institutional investment.
Dr. Jehan Saleh, advisor to the Prime Minister for Economic Affairs, said that Egyptian Prime Minister requested holding a series of meetings with all related parties to reach a common vision and action plan to move quickly to guarantee the rights and obligations of all parties.
