More programs for reactivating Egyptian markets as of next month
Egypt, Economics, 6/11/2001

At his meeting with fifty representatives of Egyptian, Arab and foreign companies, Prime Minister Atef Ebeid renewed the government determination to take further measures for reactivating market movement and increasing Arab and foreign investments.

He said the government has drawn up nine new programs for reactivating domestic demand in markets in cooperation with private sector.

He said these pgrograms will be carried out in governorates as of next month.

He said a liaison channel would be set up in the cabinet for answering queries by investors and that a working program would be drawn up for eliminating obstacles obstructing investment adding this program would be submitted to the cabinet as of next month.

He said a committee would be set up of representatives of the ministries of finance, justice, chambers of commerce, and investment authority adding this committee would be assigned with maintaining rights of investors and setting up a mechanism for collecting the state sovereign resources.

He said a visualization would be made for economic activities in Egypt adding that all information would be made available to investors who would be briefed on the volume of supply and demand in every sector for helping them take well advised decisions.

The prime minister decided to unify control bodies in one monitoring body for tightening the noose on cheating cases and getting ascertain for well known quality specifications.

He said a laboratory would be established in every harbour for checking incoming product specimen in order to facilitate investors dealings.

He said this laboratory would be supplied with sophisticated equipment in order to shorten checking time and maintaining the state rights at the same time.

At the meeting attended by the ministers of economy, finance, trade, supply, local development, and the chairmen of investment authority and capital market, Prime Minister Ebeid said he would discuss tomorrow with banking readerships and in presence of the ministers of economic group, a review of credit interest rates in view of the increasing complaints of rising interest rates.

He said the meeting would touch on current positions of the exchange market in order to reach an agreement on certain measures which reflect the reality of exchange rate.

On exchange rate, Ebeid said foreign exchange markets are troubled at the world level adding that Asian and European currencies markets have been plunging for three months.

He said this exerts much pressures on the Egyptian market adding foreign exchange resources are increasing, indicating that Egypt has strong reserve of foreign currency which will be maintained.

On the unified investment legislation, Prime Minister said the government is keen to respond to investor forecasts, referring to big efforts by the minister of finance for effecting taxation reform.

The Prime Minister called on investors and businessmen to take part in running public utilities and to set tranches for prices of services that takes into consideration the interests of the limited income categories.

He said the government, in cooperation with Egyptian future society and US Harvard University, will conduct a management programme for graduating future leaderships and providing qualified humanitarian cadres.

On his part, Abdul Hamid Ibrahim, the chairman of capital market authority said the stock exchange has managed, during the past five years, to provide financing worth LE 50 billion, of which LE 15 billion for financing privatization programs through selling to a key investor or to the public.

He said the capital market authority has offered LE 4,2 billion for private sector, adding the volume of mergers financed by the stock exchange amounted to LE 3,7 billion adding the volume of the takeover amounted to LE 25 billion.

He said the stock exchange provided medium and long term financing worth LE 3,7 billion for 37 issues of bonds.

He said the stock exchange has managed to attract monetary inflows from abroad worth LE 10 billion in four years.

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