The summit discusses ways of developing government sectors through capital market instruments
The Egyptian Association for Finance and Investment Studies (EGFIN) has revealed that it will be organising an annual summit of capital markets under the name “Capital Market and Economic Reform Financing” on 11 April in the Marriott Hotel in Cairo.
The annual summit discusses the recent developments and regulatory procedures of a capital market able to keep up with the needs of economic development, as well as providing non-banking financing in a way that suits the aims of financing the projects of the economic reform programme, in addition to financing individuals and institutions.
Mohsen Adel, deputy head of the Egyptian Association for Finance and Investment, said that this year’s annual summit will witness the participation of several ministers concerned with the summit’s main aspects, senior officials in economic bodies, and major companies working in the non-banking sector, in addition to regional officials and representatives of major global investment banks in the region.
He added that the summit will discuss the government’s vision to benefit from capital markets in financing government projects that can serve the economic reform programme, in addition to the future of government debt instruments and modern instruments to finance sukuk (Sharia-compliant bonds) and project bonds. Moreover, the summit will discuss ways of activating a secondary market of bonds and government papers, in addition to the role of capital markets in reducing the cost of government debt.
It is decided for the summit to look into public offerings and their role in attracting new local and foreign investments to the market, as well as a programme for government offerings and its role in enhancing the state’s asset management and Egypt’s position on the map of global investments. The summit will also look into developing and refreshing the flow of capital and trade in the Egyptian stock exchange (EGX) to increase its attractiveness for investors.
The vice president of the association revealed that the conference will allow for exploring the opportunities, which can be provided by the modifications of the capital market law in terms of activating the market and establishing private stock exchanges, as well as establishing the first union of companies working in the field of securities and enhancing the protection of rights of minority shareholders in the case of acquisitions.
The summit has devoted a session in the summit for micro financing and the role of banks, organisations, and companies working in the field to support it, especially since it has been a year since the activation of the first micro-finance law in Egypt. The summit will also discuss the sector of real-estate financing and the extent of the success of the initiative launched by the Central Bank of Egypt (CBE) to support the activity throughout last year, in addition to the new regulations that the activity awaits.