EFG Hermes: New Tools to Stimulate Mortgage Finance Soon – Watchdog

Sherif Samy, head of Egyptian Financial Supervisory Authority (EFSA) asserted that the Authority is currently working to update new financial instruments most notably,  Real Estate Funds for activating Mortgage finance especially after the Advisory Committee for Capital Market sent its recommendations to EFSA in order to be reshuffled.

Samy illustrated on a sidelines of the 10th Annual EFG Hermes ‘One on One’ Conference which organized by Dubai yesterday that it was agreed with the Housing and Justice Ministries,  Notary Public Office  and the New Urban Communities Authority (NUCA) to solve registering areas and residential units crises before paying its prices fully.

The most amendments for capital market law, the insurance funds which are more than 650 and up EGP45 billion, Samy added.

Russell indexes Said in a press release on Monday it has reclassified the Egyptian equity market category from an emerging market to frontier statues.

Russell indexes the global asset manager and has USD 4.1 trillion in assets benchmarked to its index.

This conclusion by Russell Indexes results from a three-year market risk review process, as prescribed by Russell’s index methodology, in which Egypt did not meet macro- and operational risk criteria for emerging market status, but did meet classification for inclusion in frontier markets.

Russell Index country classifications are announced each year in March and any changes become effective at the conclusion of the annual index reconstitution process in late June.

Samy explained that the availability of hard currency will resolve the crisis without any interference, but it requires increasing in the hard currency that coming to Egypt, especially from tourism, but that may come after the stabilization of Egypt’s political and security situations

Furthermore, Samy emphasized that there is no any crises for foreigners after the decision of the Central Bank of Egypt on March3 2012, but the crisis remains exist for the investments before that date.