Egyptian Prime Minister Mostafa Madbouly met on Tuesday with the new chairperson of the Egyptian Exchange (EGX), Islam Azzam, on his first day in office, reaffirming the government’s full support for developing the country’s capital market.
The meeting, which was also attended by Finance Minister Ahmed Kouchouk and the chairperson of the Financial Regulatory Authority (FRA), Mohamed Farid, focused on the market’s role in achieving economic growth, increasing investment, and enhancing private sector participation.
During the meeting, Finance Minister Kouchouk revealed that the government is studying offering incentives for large initial public offerings (IPOs) on the exchange. This move aims to encourage companies to list and trade, thereby increasing market depth and activity, and reflects the state’s seriousness in expanding the ownership base and attracting more local and foreign investment.
The new EGX chairperson, Islam Azzam, said the exchange will move forward on two parallel tracks: deepening the market and expanding its tools by introducing new financial products such as derivatives, and activating the market maker mechanism. He stressed that trading will remain entirely subject to supply and demand forces and that his administration adopts a policy of continuous dialogue with all market participants.
FRA chairperson Mohamed Farid noted the ongoing coordination between the authority and the exchange to ensure market stability and develop its role in financing companies. He said that fintech and sustainability are key pillars for enhancing the role of the non-banking financial sector in supporting the national economy.
Madbouly’s office said the prime minister affirmed the government’s backing for efforts to develop the capital market, considering it a key tool for achieving economic growth targets.
