Sherif Samy, chairperson of the Egyptian Financial Supervisory Authority (EFSA), said that five draft laws and money market development files are currently handed to the Minister of Investment’s Sahar Nasr business portfolio after assigning her the role of the competent Minister of EFSA.

Samy explained that the money market is currently waiting for the approval of the amendments to the Capital Market Law and the Leasing and Factoring Law, the supervision and control of insurance, the independence of the EFSA, and the economic court’s laws.

On the other hand, the annual report of the EFSA revealed the decline of the value of shares that are paid for capital increases in the first market to EGP 32.3bn by the end of 2016, compared to EGP 40.3bn in 2015, a decline of 20%.

The value of shares of incorporation versions rose by 29%, to register at EGP 7.5bn, compared to EGP 5.8bn in 2015.

The number of approvals for incorporation shares versions registered 3,138 versions, worth EGP 41.4bn by the end of December. 18% of the total issued value paid is EGP 7.5bn.

The number of approvals for capital increase shares issues registered 1,087 issues worth EGP 45bn, of which EGP 32bn is paid at a ratio of 72% of the total value of the issued shares.

The number of companies licensed by the EFSA is 733 companies, which are licensed to practice 822 activities, while the number of companies that the EFSA cancelled their licenses since the beginning of activity until the end of the year is 49 companies.

The EFSA licensed the investment fund during the year, bringing the total number of fund licenses to 110 licenses, while business practice of financial investments licenses were cancelled, bringing the number of licensed activities since the beginning of activity to 61 licenses.