Memorandum Of Understanding Between The Egyptian Exchange And The General Authority For Investment To Support The SMEs In Upper Egypt

Omran: Supporting small and medium enterprises (SMEs) is a strategic direction of the Egyptian Exchange
Omran: Upper Egypt is of a promising potential and needs more attention to develop
Omar: Training GAFI employees helps in spreading stock market’s awareness on a larger scale

Within the framework of the Egyptian Exchange’s (EGX) strategy towards supporting small and medium enterprises (SMEs), EGX signed today a memorandum of understanding (MOU) with the General Authority for Investment and Free Zones (GAFI) in order to spread awareness of the role the stock market as a platform for the financing SMEs. The new agreement focuses on strengthening the areas of cooperation in spreading the awareness of the role of the stock market for companies, especially in Upper Egypt.

Both parties agreed to make use of the stock market’s headquarters in the investors building in Sohag, in order to raise awareness about the stock exchange by putting trading screens that reflect the daily trading of the stock exchange. This enables visitors to follow the stocks trading on a daily basis; meanwhile, the stock market’s management will train GAFI staff on the stock market’s activity and trading and on knowing the advantages of listing on the stock market. This is to have qualified staff from GAFI to educate investors about the role of the stock market and the funding opportunities offered for companies.

Form his side, Dr. Mohammed Omran, EGX Chairman, declared that the cooperation between EGX and GAFI is an extension of the continuous cooperation between the two entities; He added that what distinguishes this agreement is the desire of the Stock Exchange to access the largest segment of companies to help them get financing that enables them to surge and compete. In addition, the agreement focuses on Upper Egypt that previously suffered from a low degree of official attention, despite its high capabilities that can contribute to create more job opportunities and that can improve the living standards of its members, if properly exploited.

Within the same context, Mr. Alaa El Din Omar, GAFI Chief Executive Manager, welcomed the signing of the MOU with EGX, stressing that the support of SMEs is a clear government strategy in order to raise the competitiveness of the Egyptian economy by utilizing the promising capabilities of the sector.

Mr. Alaa El Din added that training GAFI staff will be an important factor in the transfer of such expertise to companies that deal with GAFI. This ensures a rapid spreading of awareness about the stock market on a wide range which is at the end, in the interest of the Egyptian