CAIRO: The Egyptian Exchange (EGX) has been awarded the Most Innovative African Stock Exchange of the Year Award by Africa investor (Ai), a leading international investment and communications group, the EGX announced in a Monday statement.
The award was announced at a large ceremony at the New York Stock Exchange.
EGX Chairman Mohamed Omran was quoted in the EGX statement as saying, “I’m glad to receive this new international recognition, which comes as a result of a continuous effort during the recent period to achieve a quantum leap in the market performance.”
Over the last year, the EGX introduced block trading, cancelled precautionary measures adopted after the 2011 January 25 Revolution and finally saw the market return to a price discovery session on Aug. 7.
“The relative stability in the political and economic situations was behind the precautionary measures’ cancelling,” said Omran. He added that the EGX is committed to not postponing trading under any circumstances, which has boosted confidence in the Egyptian investment market.
These moves resulted in increased liquidity levels, which provided funding of more than 10 billion EGP ($1.4 billion) for Egyptian companies to help them grow, expand and provide job opportunities, Omran said.
He added that these developments also led to stock market growth, which registered one of the highest records ever among developed and emerging markets, with an 108 percent increase since June 2013 and a nearly 44 percent increase since the beginning of the current year.
“We are keen to continuing our work and achieving greater achievements in the coming period,” said Omran, pledging to work with all of the relevant parties to attract more investment to the Egyptian economy.
Africa investor is a specialist investment and communications group advising governments, international organizations and businesses on communication strategies for capital market and foreign direct investments in Africa.