CAIRO: The Egyptian Exchange (EGX) signed Monday a Memorandum of Understanding with the General Authority For Investment and Free Zones (GAFI) to support small and medium enterprises SMEs in Upper Egypt, according to EGX press release.
The MoU aims at raising the public awareness among Upper Egyptian firms about the important role Egypt stock market plays as a financial platform for SMEs in Upper Egypt.
EGX administration is to train GAFI’s employees on trading and other stock market skills along with demonstrating the benefits of joining the EGX, according to the press release.
“EGX administration endeavors to finance the biggest number of SMEs so that they can launch their businesses and be competitive,” EGX Chairman Mohamed Omran was quoted by Al-Wafd newspaper.
He added that the MoU focuses on Upper Egypt region, which, in spite of its high capacities and potentials that can help creating job vacancies, has been excluded from the state’s development projects for decades, according to the release.
In June, Prime Minister Ibrahim Mahlab held a meeting with ministers of local development, labor, investment, and interior to discuss preparations for Upper Egypt’s investment conference, scheduled to be held in Hurghada mid-September.
Investment Ministry announced its plans to launch a number of new free zones in Upper Egypt during the conference in order to attract more local and foreign investments, Youm7 reported.
Investment Minister Ashraf Salman said the new investment law, ratified earlier by President Abdel Fatah al-Sisi, would provide many incentives that could boost investment, especially in remote areas.