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JLCC
- November 29, 2023
Ahmed Al-Sheikh, Chairman of the Board of Directors of the Egyptian Stock Exchange, revealed proposals submitted by the Stock Exchange to cooperate with the Ministry of Social Solidarity, including helping the Ministry to establish companies based on the establishment of integrated agricultural and industrial complexes, proposing a project in a governorate of a suitable nature and need for development projects (such as the New Valley) that would be It is based on planting a large area with palm trees, and then complementary and related industries are established, such as paper, cardboard, and packaging supplies, in preparation for selling the products locally, and also exporting to foreign markets.
He added that the stock exchange will help these companies as a financing platform, by establishing a joint stock company through public subscription, which will allow them to obtain more financing through the stock exchange and then expand their projects, in accordance with the rules of registration and trading on the stock exchange.
This came during the participation of Ahmed Al-Sheikh, Chairman of the Board of Directors of the Egyptian Stock Exchange, in the opening session of the Social Impact Investment and Effective Partnerships Conference, which was held at the invitation of Dr. Nevin Al-Qabbaj, Minister of Social Solidarity.
He stated that the Stock Exchange is working to achieve integration between companies whose securities are registered on the Stock Exchange and the Ministry of Solidarity with regard to the projects supervised by the Ministry, in order to achieve the maximum possible benefit for both parties, explaining that this integration would help companies fulfill their social obligations and thus fulfill private disclosure requirements. Sustainability and expansion of socially responsible investments, while at the same time supporting the Ministry of Solidarity to expand social welfare programs and achieve the strategic goals of “Decent Life,” “Solidarity,” “Dignity,” and other programs through which the government seeks to reduce the effects of the economic reform process.
During his speech, the Chairman of the Stock Exchange praised the importance of the development of the vision of the Ministry of Social Solidarity and the shift to an investment idea for the assets owned by the Ministry instead of merely providing financial and monetary support to help individuals and families most in need, adding that the Ministry will work to provide all types of support required and increase the financial resources that are needed. During which you can expand the projects you supervise.
At the end of his speech, Al-Sheikh stressed that the Egyptian Stock Exchange was one of the first emerging stock exchanges to pay attention to sustainability and social responsibility of the companies registered with it. It was the second emerging stock exchange to issue a sustainability index after India in 2010, which was calculated in 2007 and includes standards consistent with… Global best practices for selecting companies represented in the index.