Africa News Egypt’s Stock Exchange Meets AfDB on Initiative to Integrate...

Egypt’s Stock Exchange Meets AfDB on Initiative to Integrate Africa’s Capital Markets

-

- Advertisment -

The Egyptian Exchange (EGX) has received a mission from the African Development Bank in the wake of its membership of the African Exchanges Linkage Project (AELP), an initiative to foster greater integration in securities trading across the continent.

The AELP project, jointly initiated by the Bank and the African Securities Exchanges Association (ASEA), has the main objective of increasing intra-African investment flows through linking African Stock Exchanges. EGX joined the Project last month as one of seven stock exchanges that will be linked in AELP’s first phase.

In talks with the delegation, Mohamed Farid Saleh, EGX Executive Chairman said requirements for the launch of an electronic platform to link all brokerage firms in securities across the African continent had been completed and that procedures of trading and investment needed to be simplified. Currently, he said, EGX was communicating with brokerage firms about the initiative and on how to participate and maximize their benefits and on how to create value chain for the securities industry.

“Meeting with the Bank mission in Cairo was crucial to speed up the process of preparing a comprehensive study on key determinants of activating the initiative and starting the discussions between stock exchanges and brokerage firms,” Saleh said.

Saleh added, “The platform will increase the amount of securities offered for investment and provide a variety of investment options for all investors in African stock exchanges. This project is consistent with EGX’s objective to enhance the demand side by increasing number of investors along with improving products to improve the trading environment”.

Emmanuel Diarra, Bank Manager for Capital Markets Development Division said the integration of African financial systems is an essential part of the Bank’s Regional Integration Strategy.  The Bank supports the EGX and other Exchanges by playing the role of a catalyst and providing the platform for broader collaborative engagements among financial sector stakeholders.

Together, the seven Stock Exchanges, which include the Nairobi Securities Exchange, Nigerian Stock Exchange, Johannesburg Stock Exchange, Stock Exchange of Mauritius, Casablanca Stock Exchange, and Bourse Régionale des Valeurs Mobilières (for the West African Economic and Monetary Union), represent more than 90% of Africa’s stock markets capitalization.

The African Development Bank Country Manager for Egypt, Malinne Blomberg, highlighted the importance of Egypt’s involvement in the African financial integration initiative, which aligns with the theme of the Bank’s 2019 Annual Meetings, which this year is focusing on regional Integration.

During the two-day mission, the Bank delegation also met other key stakeholders including the Central Bank of Egypt, the Ministry of Finance, MISR for Central Clearing, Depository & Registry (MCDR), the Egyptian Capital Markets Association, Egyptian Investment Managers Association, CFA Society Egypt and the Egyptian Society of Technical Analysts.

The AELP is supported by a Grant from the Korea-Africa Economic Cooperation (KOAFEC) Trust Fund. Other African Stock Exchanges will be included in later phases of the project.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest news

La médaille du jour. Tennis : après sept ans d’absence, Kim Clijsters loupe son retour à Dubaï

Kim Clijsters, au tournoi de Dubaï face à l'espagnole Garbiñe Muguruza, le 17 février 2020. (YORICK JANSENS / BELGA MAG)Elle...

UAE | DP World to delist and return to private ownership

DP World is to delist from Nasdaq Dubai, with its parent company offering to acquire the 19.55% of...

Kim Clijsters à Dubaï: «Un premier match très positif»

BIEN-ÊTRE Élodie Wéry: désencombrer sa maison pour changer de vie Avec Marie Kondo, les bordéliques se...

EN DIRECT : Pavlyuchenkova – Bencic ( Dubaï 2020, Premier tour )

Bienvenue sur le live de L'Équipe pour suivre la rencontre de tennis entre Anastasia Pavlyuchenkova et Belinda Bencic (Dubaï,...

EN DIRECT : Kudermetova – Yastremska ( Dubaï 2020, Premier tour )

Bienvenue sur le live de L'Équipe pour suivre la rencontre de tennis entre Veronika Kudermetova et Dayana Yastremska (Dubaï,...

WTA Dubaï – Clijsters satisfaite de son grand retour et “contente d’avoir pu suivre le rythme”

(Belga) Kim Clijsters est de retour, ou sur la bonne voie, à tout le moins. Telle est la...

Must read

La médaille du jour. Tennis : après sept ans d’absence, Kim Clijsters loupe son retour à Dubaï

Kim Clijsters, au tournoi de Dubaï face à l'espagnole Garbiñe...

UAE | DP World to delist and return to private ownership

DP World is to delist from Nasdaq Dubai,...
- Advertisement -

You might also likeRELATED
Recommended to you