News Details
EGX Participates In The AFI Global Policy Forum Held In Sharm ElSheikh
16/09/2017
Mr. Mohamed Farid, Chairman of the Egyptian Exchange (EGX), participated in the conference "Discovering Ways of Diversity and Enhancing Financial Inclusion", in the presence and patronage of the Egyptian President, Mr. Abd El Fattah El Sisi, and Eng. Sherif Ismail, the Prime Minister.

The International Alliance for Financial Inclusion is organizing the ninth edition of the conference in cooperation with the Central Bank of Egypt, in Sharm El Sheikh for three days, with the participation of official delegations from 95 countries
 
On that occasion, Mr. Mohamed Farid said that the financial inclusion is one of the main pillars of developing, deepening and increasing the efficiency of the Egyptian capital market by providing the largest possible range of financial instruments and products that meet the needs of the business and investment community, and help them to achieve the desired economic growth and to increase the ability to provide new jobs for the labor market, stressing on the importance of the financial services sector’ role, in addition to the banking sector in spreading the financial inclusion concept among the sectors not included in the official economy.
He stated that the plans for developing the capital market system during the coming period consider “the integrated framework of financial inclusion” which consists of three main axes in addition to inclusion which are integrity, stability and protection.
 
Farid pointed that the Egyptian economy is witnessing a state of activity and interest from foreign investors and institutions in the recent period. EGX has witnessed a strong improvement in the investment desire by non-Egyptian institutions and individuals, where their net purchases reached about LE 7 billion since the beginning of the year,
 
August month witnessed the first entry for some foreign financial institutions, along with EGX’ decision to reduce the temporary suspension period from 30 minutes to 15 minutes after a comprehensive study of international experiences to identify the best international practices in this regard with the aim to improve the effectiveness of supply and demand forces which helps to increase the Egyptian capital market’ activity and depth and raise its investment attractiveness regionally and globally.
 
The values and volumes of trading witnessed strong gains specially after the Central Bank announcement of payments’ balance data for the fiscal year 2016-2017. Moreover the trading values during today (Thursday)’ trading session reached one of the highest levels achieved in the last three months worth to L.E. 2 billion.

It is worth mentioning that the proposed amendments to the Capital Market Law, which are expected to be discussed by the Parliament during the coming period, will enhance the ability of the non-banking financial sector to achieve the financial inclusion’s goals, as the proposed amendments allow to organize a market for contracts and commodities and the reorganization of “Sukuk” issuing and trading mechanisms, which would be positively reflected on increasing the investment options for investors by diversifying the available financial instruments.
 
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