The Arab Republic of Egypt intends to list six financial companies during the current fiscal year on the stock exchange to strengthen the capital market.
Egyptian Prime Minister Mostafa Madbouly said that his government intends to offer six new companies on the Egyptian Stock Exchange before the end of the current fiscal year.
The current fiscal year begins on the first of last July and ends at the end of next June.
Egypt stock exchange
Madbouly explained that 28 Arab and international investment groups will increase the proposals of public companies to enhance the role of the capital market, develop and revive the movement of capital flow and trading in the Egyptian Stock Exchange, and raise market capital to be more attractive to investors.
Meanwhile, Minister of International Cooperation Rania Al-Mashat said that the Board of Executive Directors of the Asian Infrastructure Investment Bank (AIIB) has approved financing for Egypt worth $360 million.
Al-Mashat added that the loan aims to support the state’s efforts to achieve recovery from the Coronavirus pandemic and to strengthen the economic and structural reform program.
She emphasized that the total amount approved by the World Bank and the Asian Bank amounts to $720 million, at $360 million each.
Al-Mashat explained that the framework for financing development policies, which was prepared by the government in cooperation with the two banks, aims to support the economy and the second wave of structural reforms, by enhancing financial sustainability, stimulating the participation of the private sector in development efforts, and promoting women’s economic empowerment.
Egypt’s loans from the AIIB amounted to more than one billion dollars in development and investment financing for the public and private sectors.
AIIB is a multilateral financing institution based in China.
In a related context, EFG Hermes announced the launch of the activities of the fourth session of the “Annul Egypt Day Conference” under the title “Shaping the Investment Landscape.”
The company also said that representatives of the international investment community showed great interest in the prospects for economic and investment growth in Egypt during their meeting with the economic group.