Capitals of EGX-listed Firms hit $3 billion in 4 Months – EFSA

The total increase in capitals of listed firms in the Egyptian Exchange (EGX) reached EGP21.5 billion(US$ 2.8billion) within the first quarter of FY 2014/15, Sherif Samy – Chairman of Egyptian Financial Supervisory Authority (EFSA)- said Tuesday.

Samy made these remarks during the second Investors Summit hosted by Egyptian Stock Exchange (EGX) on Tuesday.

Samy stated that the total volume of capitals of EGX-listed firms has recorded EGP 11.7 billion within the first quarter of FY 2013/14.

The chairman added that EFSA targets providing new financing tools within the upcoming period, clarifying that the authority also intends to submit a suggestion for Investment Minister to add covered bonds tool to the market within the upcoming period.

He noted that it is suggested to provide bonds that do not need credit rating in the market to encourage small and medium-sized projects to issue bonds without baying to get credit rating.

The amendments of money markets would be issued within the upcoming period including Sukuk project to upgrade the financial sector, Samy expected.

Moreover, the chairman pointed out that governmental projects -set to be launched within the upcoming period- require providing financing tools as well as depending on banking sector and money markets as they are the major financing tools for those projects.