Cairo, Egypt, November 27, 2017—IFC,
a member of the World Bank Group,
has joined forces with Govern, the Rockefeller
Brothers Fund, and Egypt for Information Dissemination to co-host a high-level,
two-day roundtable, starting today, on further developing Egypt’s capital
markets to attract investment and spur economic growth.
This event, attended by senior decision-makers and policy experts, is part
of a broader effort to support the development of local capital markets.
It aims to attract more investment through stronger governance of capital
markets by improving transparency and disclosure practices.
“The Egyptian Exchange is one of the top three emerging-market exchanges
in the Middle East and North Africa and our aim is to further develop it
to serve the financing needs of the real economy,” said Sahar Nasr, Egypt’s
Minister of Investment and International Cooperation. “This roundtable
will facilitate dialog between policymakers and representatives of international
organizations, investors and other stakeholders to help develop a number
of key projects in the future.”
These include the development of a corporate governance code for small
and medium enterprises, and the publication of an investor guide for foreign
investors. A report on transparency in support of investment will also
be published to capture the discussions and provide further recommendations
for improving the investment climate.
“Improving transparency and regulatory reform is vital to attract more
investment into Egypt and spur economic growth,” said Mouayed Makhlouf,
IFC Regional Director for the Middle East and North Africa. “We hope this
gathering will help further develop regulatory standards and enforcement
practices, as well as technical solutions to allow for better disclosure
by companies listed on the Egyptian Exchange.”
The initiative is part of IFC’s advisory work in Egypt, which focuses
on building the capacity of financial institutions, supporting governments,
helping private firms improve their environmental, social, and governance
standards, and mobilizing private investments through public-private partnerships.
IFC, a member of the World Bank Group, is the largest global development
institution focused on the private sector in emerging markets. Working
with more than 2,000 businesses worldwide, we use our capital, expertise,
and influence to create markets and opportunities in the toughest areas
of the world. In FY17, we delivered a record $19.3 billion in long-term
financing for developing countries, leveraging the power of the private
sector to help end poverty and boost shared prosperity. For more information,