Egypt’s Prime Minister Mostafa Madbouly has confirmed that the government is continuing to support reform plans across all state sectors.
The support aims to ensure that the reform measures that have been started are completed, to enhance the capabilities of the national economy. It also aims to help the country overcome the negative repercussions caused by the novel coronavirus (COVID-19) pandemic.
Part of the support includes developing the work performance of the Egyptian Exchange (EGX), to ensure the stability of trading.
The Prime Minister’s remarks came during his meeting with EGX Chairperson Mohamed Farid, in which the two reviewed the most important features of the Exchange’s annual report on its performance during 2020.
For his part, Farid indicated that in January 2021, the EGX experienced one of its best months in recent times. This was attributed to the favourable conditions caused by the continued good trading rates, as well as the increase in trading rates on bonds.
He said that work is currently underway to increase the market’s efficiency by completing efforts to develop the technological infrastructure, trading systems, and trading auxiliary systems.
Work will also take place to improve the trading environment by introducing and developing new financial mechanisms and products. This comes with the aim of increasing market efficiency to diversify investment options in front of the masses of investors, as well as launching new indices.
“We can call 2020 the year of ‘steadfastness and reform’ for the Egyptian Exchange, as it witnessed the activation of the plan to restructure the market for small- and medium-sized enterprises (SMEs), and the establishment of the Commodities Exchange,” Farid said, “We also aim to complete efforts to create a financial derivatives market, as well as making futures and options available to investors.”
Farid added that the repercussions of the global health crisis imposed the need to rearrange the priorities of work within the EGX.
He added, “Although the emergence of the coronavirus pandemic had a major impact on the global economy at all levels, especially international trade and investment flows, reports of international institutions praised the performance of the Egyptian economy and its dealings with remarkable success despite the repercussions of this pandemic.”
Farid pointed out that the EGX seeks to complete its strategy in analysing and supporting the value chain on all sides, and following all means and taking decisions that are commensurate with the difficult circumstances of 2020.
This is especially with regard to the pandemic through several goals and measures, the most important of which is steadfastness and continuity of work.
