Egypt's Finance Min. Talks with Bank of New York Eyes to Expand Financing Options

Egypt is seeking to strengthen access to global capital markets by expanding the use of International Depositary Receipts (IDRs/GDRs), as Investment and Foreign Trade Minister Mohamed Farid held high-level discussions with executives from BNY to deepen cooperation on international financing instruments.

The meeting follows discussions initiated during the minister's visit to London in June and forms part of the government's broader strategy to improve market access for Egyptian companies while attracting a wider pool of foreign investors.

The BNY delegation included Ghada Kandil, Chief Executive Officer of BNY Cairo; Tony Touma, Head of Issuer Services Sales for the Middle East and Africa; and Mahmoud Salem, Executive Director for Depositary Receipts.

During the talks, both sides reviewed developments in global capital markets and examined opportunities arising from the growing pace of equity offerings and capital-raising activity worldwide. Discussions also focused on practical steps to advance the use of Global Depositary Receipts (GDRs) as a financing tool for Egyptian issuers.

Farid said the government is working to translate Egypt's economic reform agenda into tangible measures that improve the investment climate, placing particular emphasis on enhancing the experience of existing investors as a pathway to attracting new capital.

He noted that expanding financing options and improving access to international capital markets could create new growth opportunities for Egyptian companies, enabling them to diversify funding sources and strengthen their global competitiveness.

According to the minister, Global Depositary Receipts remain an important mechanism for connecting Egyptian businesses with international institutional investors while increasing their visibility in overseas financial markets. He added that wider adoption of such instruments would reinforce the competitiveness of Egypt's economy and enhance the country's appeal as an investment destination.

Farid also said the ministry plans to organize more targeted investor roadshows in cooperation with international financial institutions, tailoring engagement efforts to sector-specific investor interests in an effort to boost foreign direct investment and open new markets for Egyptian businesses.

On its part, BNY reaffirmed its commitment to expanding cooperation with the Egyptian government. Ghada Kandil said continued collaboration reflects both sides' determination to translate previous discussions into practical initiatives that strengthen links between Egyptian companies and global financial markets.

Mahmoud Salem added that the current momentum in international capital markets presents favorable conditions for companies with strong growth potential. He said Egypt offers attractive investment opportunities that warrant broader and more targeted promotion among international investors.

The two sides concluded the meeting by agreeing to maintain close coordination in the coming months and accelerate implementation of previously agreed initiatives aimed at developing Egypt's capital market, expanding companies' access to international financing, and attracting additional foreign investment.