Mohamed Farid, Minister of Investment and Foreign Trade, chaired a comprehensive coordination meeting with senior officials from the Financial Regulatory Authority (FRA), the Internal Trade Development Authority (ITDA), the Egyptian Exchange (EGX), Misr for Central Clearing, Depository and Registry (MCDR), and the Ministry of Communications and Information Technology (MCIT). The goal was to discuss the integration and electronic linkage of these entities with the General Authority for Investment and Free Zones (GAFI) and the Commercial Registry, aiming to streamline services for investors.
This initiative is part of the Egyptian government’s broader vision to improve coordination among state bodies, enhance the business environment, and bolster investor confidence in the national economy. The integration efforts aim to simplify procedures, reduce service completion times, and eliminate administrative hurdles, ultimately making Egypt’s investment climate more attractive and competitive.
Minister Farid emphasized the importance of this coordination as a crucial step towards creating an integrated digital system. The new system will streamline procedures for processes like capital increases and board formation approvals, eliminating the need for physical attendance. This move will enhance the efficiency of the Egyptian market and improve the overall investor experience.
The meeting also focused on mechanisms to simplify the authentication and approval of general assembly and board meeting minutes, particularly regarding capital increases. The proposed digital framework will allow investors to submit and approve applications electronically through a unified system, eliminating the need to navigate multiple agencies.
In the first phase, the entities involved will establish electronic connectivity with GAFI, facilitating the real-time digital exchange of approvals and documentation related to capital increases. This system is expected to dramatically reduce processing times, allowing MCDR and EGX direct access to certified documents, ensuring swift updates to records and timely amendments.
The meeting was attended by Mohamed Awad, Head of ITDA; Mahmoud Badawi, Deputy Minister of Communications and Information Technology; Mohamed El-Sayad, Deputy Chairperson of FRA; Mohamed El-Gawsaky, CEO of GAFI; Islam Azzam, Chairperson of EGX; Khaled Serry Siam, Chairperson of MCDR; Yasser Abbas, Deputy CEO of GAFI; and other key representatives from the involved entities.
