EGX Chairman Signs Protocol with EBA to Encourage SMEs Listing 

Head of the Egyptian Stock Exchange (EGX) Mohamed Farid Saleh signed on Tuesday a joint cooperation protocol with the Egyptian Businessmen Association (EBA), headed by Ali Issa.

This came on the sidelines of the EBA's committee meeting with the Chairman of the Stock Exchange and the European Bank for Reconstruction and Development (EBRD), with the participation of Reem EL Saady, Regional Principal Manager, SME F&D.

The protocol aims to create a database for the companies affiliated with the association to encourage and promote the financial role of the stock exchange, as well as to enhance cooperation and establish a partnership in spreading awareness among the business community of the pivotal role of the Stock Exchange in business development.

It also aims to raise the competitiveness and efficiency of productive companies and expanding direct investment, and within the framework of the role of supporting the available financing mechanisms for small and medium-sized enterprises (SMEs).

El Saady indicated that there is a gap so far between the available financing offers and the companies that are ready to borrow. She revealed that EBRD pumped about $800 million to support small and medium-sized enterprises (SMEs) through local banks by re-lending them.

She explained that the bank's goal is to support the private sector and focus on the rapid economic growth of various countries. She explained that the bank has served about 1,500 projects, stressing that the work program is based on providing technical support by relying on local and foreign consultants.