Prime Minister Moustafa Madbouli presided over a meeting on Monday to follow up on the latest developments related to the initial public offerings (IPOs) program.

The meeting was attended by Finance Minister Mohamed Maait, Planning and Economic Development Minister Hala el Saaed, Deputy Minister of Finance for Economic Affairs Sherine el Sharkawy, Executive Director of the Sovereign Fund of Egypt (TSFE) Ayman Soleiman, Head of the Investment Sector at the Sovereign Fund Abdullah el Ebyari, and senior officials.

During the meeting, the finance minister reviewed progress made to implement the program and the performance of the Egyptian Exchange (EGX).

He further underlined that the global stock market indexes of developed and emerging countries witnessed a general decline in their performance due to the exit of investors from property rights as an investment tool as a result of the world tightening monetary policies, the high inflation rates in the world, in addition to the Ukrainian-Russian crisis.

The executive director of the Sovereign Fund also reviewed the implementation of Egypt’s sub-fund for IPOs and the targeted timetable.

He noted that the fund was set up and the drafting of swap contracts has been finalized.

Source: State Information Service Egypt