Finance Min. Rings Opening Bell at London Stock Exchange for "Egypt Day" Celebration
Finance Minister Ahmed Kouchouk rang the opening bell at the London Stock Exchange today, marking the launch of "Egypt Day" and reaffirming the country's dedication to fostering deeper economic ties with both local and international investors.
During the ceremony, Kouchouk, representing the Egyptian government, made a lighthearted remark: 'The markets never sleep, and neither do finance ministers!' signaling both the vibrancy and the constant activity of global markets, particularly in the ever-evolving financial world.
In his address, Kouchouk emphasized that Egypt, through the prestigious London Stock Exchange, is signaling a new era of 'trust, partnership, and certainty' with investors, marking the beginning of a series of engagements aimed at forging stronger relationships with the international business community.
The Finance Minister reiterated Egypt's commitment to improving the investment climate, stating that the government is dedicated to maintaining open and productive dialogue with the business sector to explore new investment opportunities in the country. "We are committed to fostering a partnership where mutual growth and prosperity are at the forefront," Kouchouk said.
Kouchouk assured attendees that the investment environment in Egypt is steadily improving, highlighting that the private sector is increasingly driving the country's economic activity. He also pointed to Egypt's strong economic performance in the past year, which saw a notable surplus and significant growth in exports.
'We have made remarkable strides in recent years, with the Egyptian economy achieving substantial growth,' Kouchouk noted, referencing the impressive fiscal surplus and improved growth metrics that have positioned Egypt as an emerging investment hub in the region.
Turning to international investors, Kouchouk stated, 'Together, we begin this day with a promising horizon to build more stimulating international partnerships for Egypt's economy.' His remarks were aimed at encouraging deeper collaboration with foreign investors to boost Egypt's market presence and attract further international capital.
The ringing of the opening bell is not just a ceremonial gesture but a statement of Egypt's evolving economic landscape. By marking "Egypt Day" at such a prestigious global financial hub, the government seeks to showcase the opportunities available in Egypt's burgeoning sectors, including energy, infrastructure, and technology.
This gesture comes at a time when Egypt is focused on enhancing its international standing as a gateway for investment, positioning itself as a competitive player in the global economy. By addressing both local and international investors, Kouchouk aims to strengthen Egypt's economic narrative and further its role as a leader in the MENA region.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Arts & Culture
South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
News
Flights suspended at Port Sudan Airport after Drone Attacks
Arts & Culture
Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily News Egypt
4 hours ago
- Daily News Egypt
Egypt's enterprise agency injects EGP 2.2bn into Alexandria projects
Egypt's Micro, Small and Medium Enterprises Development Agency (MSMEDA) has injected EGP 2.2bn into 51,000 projects in the governorate of Alexandria since July 2014, its chief executive said. Basel Rahmy stated that the financing, provided between July 2014 and May 2025, has created more than 110,000 jobs. Of the total funding, 102 million pounds were allocated to infrastructure, community development, and training projects, providing 718,000 workdays, he added. Rahmy's comments came during a meeting with Alexandria's Governor, Ahmed Khaled, to discuss enhancing cooperation and support for small and medium-sized enterprises (SMEs), with a focus on industrial projects in areas like Borg El Arab and Merghem. The meeting aligns with directives from Prime Minister Mostafa Madbouly to increase financial, technical, and non-financial services for citizens, particularly youth, women, and recent graduates, and to support productive clusters, Rahmy said. He emphasized the agency's commitment to expanding access to financing for both existing and new projects, especiallyin the productive and industrial sectors, due to their importance to the national economy. Rahmy also noted the agency's efforts to educate project owners about supportive laws, including Law 6 of 2025, which offers significant tax benefits. These include a simplified tax rate starting at 0.4% of annual turnover for projects up to half a million pounds, rising to 1.5% for turnover between 10 million and 20 million pounds, along with exemptions from various other taxes and duties. For his part, Governor Khaled said that Alexandria possesses promising investment opportunities and is one of Egypt's most important industrial governorates. He added that the governorate is working to expand existing industrial activities and is cooperating effectively with MSMEDA to provide necessary financing and services to project owners. Khaled affirmed the continued cooperation with the agency, particularly in formalising informal projects to enable them to benefit from the advantages offered by Law 152 of 2020 on SME development. During the meeting, the governor and MSMEDA's chief executive presented direct lending cheques to five project owners and issued formalisation licenses and classification certificates to five others.
Daily News Egypt
4 hours ago
- Daily News Egypt
Egypt considers launching national platform to mobilise green financing for private-sector industrial transformation
Egypt's Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, has met with Minister of Planning and International Cooperation, Rania Al-Mashat, to coordinate efforts to prepare Egypt's industrial sector for the European Union's Carbon Border Adjustment Mechanism (CBAM) and advance green transformation. The meeting focused on ongoing cooperation for low-emission industry programmes, particularly the Green Sustainable Industries (GSI) initiative, and collaboration with the European Bank for Reconstruction and Development (EBRD) under the NWFE platform. Discussions also explored a proposal to establish a new national platform—modelled after NWFE—to mobilise concessional financing and international grants to support private-sector green industrial projects centred on decarbonisation, energy efficiency, and clean technologies. In addition, the ministers discussed opportunities for Egypt to benefit from the Green Climate Fund's (GCF) High Impact Programme for the Private Sector, a flagship initiative managed by the EBRD. The programme aims to help private-sector projects in developing countries reduce industrial emissions and accelerate the transition to a green economy through a mix of grants, concessional loans, and innovative financing instruments. The initiative aligns closely with Egypt's National Climate Change Strategy 2050 and its Nationally Determined Contributions (NDCs), while placing no direct financial burden on the state budget. It represents a key potential route to finance the decarbonisation of Egyptian factories and help them meet emerging global environmental standards. To advance these efforts, Al-Wazir directed the formation of a joint technical committee—including representatives from the Ministries of Industry and Transport—to coordinate directly with the Ministry of Planning and International Cooperation. This committee will oversee the implementation of priority projects, ensure alignment with international financing platforms, and enhance the readiness of Egypt's industrial sector for new environmental requirements. Al-Wazir also stressed the importance of coordinating with the Egyptian Ministry of Foreign Affairs and other national institutions to engage in voluntary carbon credit systems, supporting Egypt's shift to low-emission industry ahead of CBAM enforcement. He reaffirmed the government's commitment to helping factories transition to green production through partnerships with development partners and other ministries. For her part, Minister of Planning and Economic Development Rania Al-Mashat reviewed recent progress in Egypt's international partnerships supporting industrial development. She highlighted that the non-oil manufacturing sector has led GDP growth since the March 2024 economic reforms, posting growth rates of 7.1%, 17.7%, and 16.3% across the first three quarters of FY 2024/2025 and contributing 1.9% to GDP growth in Q3 alone. Al-Mashat emphasised the government's focus on strengthening the manufacturing sector to boost exports and expand tradable industries. The ministry is working closely with international development partners to secure technical support, grants, and concessional financing to reduce carbon emissions and accelerate industrial transformation. She noted the GSI programme, which provides approximately €271m (around EGP 16bn)—including EGP 1.2bn in grants—to promote pollution reduction, renewable energy use, and sustainable industrial practices. She also pointed to ongoing cooperation with the Green Climate Fund to access concessional finance for private-sector projects, reinforcing Egypt's role as a strategic green energy partner to the EU. Additionally, Al-Mashat highlighted Egypt's selection among seven countries to participate in the Climate Investment Funds' (CIF) Industrial Decarbonization Program, which offers nearly $1bn in concessional finance for the private industrial sector. Egypt is currently in discussions to determine the size of its share. Al-Mashat reaffirmed continued coordination with the Ministry of Industry to leverage international partnerships that empower private industry, cut carbon emissions, and boost export competitiveness—particularly in accessing European and global markets.
Daily News Egypt
4 hours ago
- Daily News Egypt
Egypt's FRA chief vows to reform business environment to boost investor confidence
Egypt's Financial Regulatory Authority (FRA) is serious about reforming the business environment in the non-banking financial sector to boost the confidence of local and foreign investors, its chairperson Mohamed Farid said on Monday. Speaking at the 'Egypt Day' event at the London Stock Exchange, Farid said that the credibility of the investment climate begins with local investors' confidence in policies and the business environment. Farid was part of an official delegation on a promotional tour organised by the Egyptian-British Business Association. In his remarks, he outlined the FRA's efforts to contribute to Egypt's 'Vision 2030' by unleashing private sector growth. He highlighted the authority's focus on digital transformation as a key driver for the non-banking financial sector's role in the national economy. This includes developing regulations for fintech, enhancing market protection and innovation, and updating accounting standards to improve transparency. Other key initiatives mentioned were the launch of Africa's first regulated voluntary carbon market in Egypt and the drafting of a new unified insurance law. Farid said the FRA's main objectives are market integrity and stability, protecting customers' rights, digitalisation, and simplifying procedures. He added that the authority's goals support the government's efforts to increase private sector participation in achieving economic growth. The FRA chairperson pointed to the success of recent digital initiatives, noting that new regulations for identity verification and digital contracts have paved the way for a surge in new accounts. He said that over 200,000 new accounts were registered in gold investment funds within one year, with investments exceeding 2 billion Egyptian pounds. Farid also discussed the FRA's work on developing legislative frameworks to stimulate investment, including a flexible model for participatory financing and new rules for digital investment platforms in real estate investment funds. He affirmed that market stability and investor confidence remain top priorities. He noted that the FRA had recently overseen a comprehensive update to Egyptian accounting standards, introducing fair value models for fixed and intangible assets and real estate investments. This allows companies to more accurately reflect their financial position, supporting sound financing and investment decisions. Farid also highlighted the FRA's support for entrepreneurship and innovation, including developing new valuation standards for startups to help them access the necessary financing for growth.
