Egypt's Minister of Investment and International Cooperation Sahar Nasr during the Direct Investment Association’s conference in Cairo on Wednesday (Photo courtesy of ministry)
The Chairman of the Egyptian bourse (EGX) Mohamed Farid said the EGX was working with the European Bank for Reconstruction and Development to restructure the SMEs market to meet its objectives.
“Sustainable economic growth requires diversifying funding resources and capitalising on financial markets to provide the required fund for growing companies that have ambitious plans,” Farid stated.
Farid called on the Direct Investment Association to consider how Egypt’s securities market can support venture capital and direct investment companies, particularly when it comes to listing them on the EGX.
The EGX chairman's statements came on Wednesday at the Direct Investment Association Conference in which Minister of Investment and International Cooperation Sahar Nasr said her ministry was working on implementing a strategy that aimed to promote domestic and foreign investments to achieve sustainable development.
“The investment law includes incentives and guarantees that are in line with the global economic and technological progress. The law helps create a business environment that can facilitate foreign and local capital flows to Egypt’s market,” Minister Nasr added.
Nasr stated that the investment ministry released the Fekretak Sherketak (“Your Idea is Your Firm”) initiative, the first governmental initiative supporting entrepreneurship and innovative ideas.
The ministry also established Egypt’s Company for Investment and Entrepreneurship, which is the first governmental fund for venture capital that targets investing in fast-growing and emerging firms to enhance their global competitiveness.
Moreover, as Nasr added, the investment and entrepreneurship company invested in the investment ministry’s Falak Startup Accelerator to support emerging companies that work in EFG-EV fin-tech and to accelerate their growth.
The investment ministry succeeded in connecting entrepreneurs with international corporations to boost micro, small and medium-sized enterprises (SMEs).