RIYADH: Egypt is considering offering incentives for large-scale offerings on its stock exchange in an attempt to encourage companies to list in the county, the government’s finance minister revealed.
During a ministerial meeting, Ahmed Kouchouk said this will help deepen the market and boost its activity, demonstrating the government’s commitment to broadening ownership and drawing in more local and international investment, according to a statement.
The move comes as Egypt seeks to boost its economic attractiveness, a goal helped by US-based credit rating agency Fitch affirming the country’s Long-Term Foreign-Currency Issuer Default Rating at “B” with a stable outlook in April.
“The minister added that work is also underway, in coordination with the Financial Regulatory Authority, to support the state’s plans to expand private sector participation by intensifying promotion and attracting new offerings from private and government companies. This will contribute to increasing liquidity and diversifying the investor base,” said a statement setting out the stock exchange plan.
During the meeting, Prime Minister Mostafa Madbouly reaffirmed the government’s strong backing for initiatives to advance Egypt’s capital market, highlighting its crucial role in driving economic growth, boosting investment, and strengthening private sector involvement in the economy.
