PM Kandil: ‘EGX Vivid Stream Of Growth’

Egypt’s Prime Minister Hesham Kandil has opened the Egyptian Exchange’s trading session Tuesday morning. Kandil’s visit aims to convey a message to all investors that the Egyptian government’s top priority is achieving economic growth. The prime minister also wants to explain that the government is seeking to improve and upgrade the capital market so that it would help to push the economic growth wheel forward.
Kandil has also emphasized on the key role played by the Egyptian Exchange’s plans for the firms to stimulate economic growth.

Osama Saleh – Minister of Investment, Dr. Ashraf Al-Sharkawy – the Chairman of the Egyptian Financial Supervisory Authority (EFSA), and Dr. Mohamed Omran – the EGX chairman have also attended EGX’s opening session.

Kandil’s visit to the EGX headquarters comes in accordance with the Egyptian cabinet’s plans to discuss the most effective methods for boosting the investment climate in Egypt.  Kandil has discussed the most recent issues in the capital market alongside devising techniques for development. He said the cabinet is following up the EGX’s development plans and programs as the bourse is the gateway to finance investments in the country whether in the means of first or secondary issuing bonds market.
Kandil has stressed the necessity for activating the bonds market through launching new tools such as the sukuks so as to finance the national projects by the means of reviving partnership projects with the private sector.

The Prime Minister has also noted that it is pivotal to keep up with the latest international standards regarding upgrading the legislative and organizational structure of the capital market so that the Egyptian bourse would turn into the financial hub of the region.

In the meanwhile, Kandil has said it is necessary to change the society’s stereotype culture towards the bourse as most of ordinary people tend to believe that it is a place for speculation and bidding.

“The EGX is actually a vivid stream of financing and pushing firms towards growth and expansions. It annually contributes with billions of Egyptian pounds towards supporting the development plans.” Kandil noted

In the end, Kandil has called for launching awareness campaigns so as to highlight the importance of investing in the bourse and its fruitful impact on the country’s economy as a whole.