Egypt Sees EGX of SMEs as ‘Independent Entity’ in 5 Years – Official

Egypt is looking forward to transforming its bourse for the SMEs – which is known as NILEX – into an independent entity within the coming five years, the chairman of the Egyptian stock market said on Sunday.

In a keynote speech during the 6th Conference for the SMEs Governance, Dr. Mohamed Omran – the Chairman of the Egyptian Exchange (EGX) – stated that its bourse is planning within 5 years from now to transform NILEX, which is designated for the small and medium enterprises in Egypt, into “an independent entity” through raising the number of enlisted firms.

“Insufficient funding represents a key obstacle haunted by the SMEs, which in return outlines the importance and feasibility of the NILEX as a supporting institution for such a segment.” Omran added.

In NILEX, there are around 24 listed SMEs, with turnovers near EGP one billion annually, he noted, saying those figures reflect the pivotal role played by the NILEX as a gateway designated for the SMEs in Egypt.

“Giving appropriate funding for the SME projects is the optimal gateway to achieve significant economic growth within the coming period.”