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.
About IFC
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, visit
www.ifc.org
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