[ad_1]
CAIRO, Egypt, March 21, 2019 – The Egyptian Exchange (EGX) received a mission from the African Development Bank following its membership in the African Trade Linkage Project (AELP), an initiative to promote greater integration securities trading the continent.
The AELP project, jointly launched by the Bank and the African Securities Association (ASEA), aims to increase intra-African investment flows by linking African stock exchanges. EGX joined the project last month as one of seven scholarships that will be linked during the first phase of AELP.
In discussions with the delegation, Mohamed Farid Saleh, executive chairman of EGX, said that the requirements for the launch of an electronic platform to link all securities brokerage companies on the African continent had been completed and that the negotiation and investment procedures needed to be simplified. Currently, he said, EGX was communicating with brokerages about the initiative and ways to participate and maximize their benefits and create a value chain for the securities industry .
"A meeting with the Bank's mission in Cairo was crucial to speed up the process of preparing a comprehensive study on the key determinants of the initiative's activation and launching discussions among the stock exchanges and brokerage companies, "said Saleh.
Saleh added: "The platform will increase the number of securities offered for investment and offer various investment options to all investors on African stock exchanges.This project is part of the investment program. EGX goal to increase demand by increasing the number of investors produced to improve the business environment.
Emmanuel Diarra, Director of the Bank in the Capital Markets Development Division, said that the integration of African financial systems was an essential element of the Bank's regional integration strategy. The Bank supports EGX and other stock exchanges by acting as a catalyst and providing a platform for broader collaborative engagement among financial sector stakeholders.
Together, the seven stock exchanges, namely the Nairobi Stock Exchange, the Nigeria Stock Exchange, the Johannesburg Stock Exchange, the Mauritius Stock Exchange, the Casablanca Stock Exchange, and the Regional Securities Exchange (for the Economic and Monetary Union) West Africa) account for more than 90% of Africa's market capitalization.
The African Development Bank country director for Egypt, Malinne Blomberg, highlighted the importance of Egypt's participation in the African Financial Inclusion Initiative, which is part of the annual meetings of the Bank in 2019, which focus this year on regional integration.
During its two-day mission, the Bank delegation also met with other stakeholders, including the Central Bank of Egypt, the Ministry of Finance, the Central Clearing MISR, deposits and registers ( MCDR), the Egyptian Capital Markets Association, the Egyptian Association of Investment Managers, CFA Society Egypt and the Egyptian Society of Technical Analysts.
AELP is supported by a grant from the Korea-Africa Economic Cooperation Trust Fund (KOAFEC). Other African scholarships will be included in later phases of the project
[ad_2]
Source link