CAIRO, Feb 10 (MENA) - Prime Minister Mostafa Madbouli said the efforts afoot to enhance the Egyptian Exchange (EGX) performance are part of a state strategy for creating a more business-friendly environment for local as well as foreign investments.

Madbouli was speaking during a meeting on Monday with Chairman of the Egyptian Exchange (EGX) Ahmed El-Sheikh to follow up on efforts made to develop the securities market, and adopt a new bundle of investment incentives to encourage new listings and offerings on EGX.

El-Sheikh said 2024 was a year full of achievements, with the Egyptian market seeing significant improvement in trading mechanisms, diversifying financial instruments, enhancing transparency and governance, and improving disclosure quality, in line with the international best practices.

EGX has been working since September 2023 to bring about comprehensive market development and to develop and implement an integrated strategy for the development of the securities market through effective community dialogue, added the EGX chief.

Therefore, the EGX Board of Directors' strategy for development was issued in January 2024, including a set of targets to scale up the efficiency of the securities market, through coordination and integration with market players and various stakeholders, he pointed out.

El-Sheikh noted that the market's most important priorities now are new large-scale offerings, especially governmental offerings, given their great positive impact on the market and contribution to greater volume of transactions and market cap, and higher Egyptian capital market's ranking on relevant global indices, which would help lure more foreign investments.

Briefing the premier on EGX's future plans, El-Sheikh said EGX is now working on launching a treasury bill index in light of the recent increase in investor demand for T-bills.

He added that a new index combining both the principles of Sharia and sustainability criteria will also be launched. (MENA)

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