الهيئة العامة للرقابة المالية

• Madbouly urges the quick finalization of Capital Market laws and EGX listings for state firms.
   

Prime Minister Dr. Mostafa Madbouly met today with Dr. Islam Azzam, Chairman of the Financial Regulatory Authority (FRA), and Mr. Omar Radwan, Chairman of the Egyptian Exchange (EGX). The meeting comes days after the Prime Minister’s decree appointing the new EGX Chairman.

The Prime Minister commenced the meeting by congratulating both Dr. Islam Azzam and Mr. Omar Radwan on assuming their new responsibilities. He wished them success and emphasized the importance of fruitful cooperation to achieve the strategic objectives for developing the Capital Market.

During the meeting, the Prime Minister highlighted the government’s significant commitment to develop the Egyptian Capital Market, enhancing its stability, and protecting participants across various non-banking financial activities. This stems from a firm belief in the vital role these sectors play in supporting the national economy by increasing investment rates and expanding the participation of both local and foreign private sectors.

Dr. Mostafa Madbouly noted the necessity of expanding new financial instruments within the Egyptian capital market. He also stressed the continued coordination between FRA, EGX, and other relevant authorities to support the development of a digital infrastructure that ensures transparency and assists investors of all levels in analyzing markets and making informed investment decisions.

 Additionally, the Prime Minister praised the positive indicators witnessed by the Egyptian Exchange, particularly the increase in daily trading volume to over EGP 12 billion and the rise of the market capitalization to over EGP 3.6 trillion – the highest value in its history.

Dr. Mostafa Madbouly directed the quick finalization of Capital Market laws. He further emphasized the importance of swiftly listing state-owned companies on the EGX as part of the state’s efforts to maximize the return on public assets, reviewing the status of both currently listed companies and those being prepared for listing.

On the other hand, Dr. Islam Azzam, FRA Chairman affirmed that the Authority seeks to develop regulatory policies and controls in line with international best practices across various non-banking financial sectors, foremost among them the Capital Market, insurance, and financing. He added that FRA is working diligently to activate and develop new financial mechanisms and products to enhance financial inclusion and liquidity, thereby positively impacting the national economy.