Egypt, Iraq Sign Protocol for Cooperation in The Financial MarketSource: www.export-egypt.com 8/12/2024, Location: Africa |
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Chairman of the Board of Directors of the Egyptian Exchange (EGX) Ahmed El-Sheikh and Chairman of the Board of Governors of the Iraq Stock Exchange (ISX) Thaer Hashem signed a cooperation protocol between the two countries’ exchanges.
The protocol aims to enhance cooperation and coordination between the two parties, promote joint work, and facilitate the exchange of expertise and information on investment. It also focuses on improving legislative procedures, boosting investment awareness, attracting mutual investments, and directing savings into securities. The protocol supports the transition to a digital economy to strengthen the competitive capabilities of both stock markets. El-Sheikh stated that both parties will explore mechanisms to support and diversify the financial products available to investors and to increase liquidity in both markets. He noted that both parties will encourage capacity building and training among brokerage firms and listed companies on both exchanges to raise awareness and exchange expertise. For his part, Hashem announced that the protocol is a significant step towards enhancing cooperation between Egypt and Iraq in the financial market. He emphasized that the protocol is an opportunity to develop financial market infrastructure, increase investment awareness, and attract mutual investment between the two countries. Hashem added that both parties work to support the transition to the digital economy, enhance the competitive capabilities of both exchanges, and promote capacity building and training among brokerage firms and listed companies. It is worth noting that the Egyptian stock exchange recorded a total trading value of approximately EGP 1,014 billion, with a trading volume of about 22,089 million shares executed in 2215,000 transactions during July. Stocks accounted for 10.66 percent of the total trading value on the exchange, while bonds and treasury bills represented approximately 89.34 percent of the trading value during July. |
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