The conference was attended by a group of economic ministers.
EGX President discusses the independence of African stock exchanges from global markets - Press Photo
The Egyptian Stock Exchange (EGX) participated in the 11th edition of the Building African Financial Markets Conference, which was held this year under the title of "Risk Management in Turbulent Times" and hosted by the Zimbabwean Stock Exchange.
The conference was attended by a group of economic group ministers, top decision-makers from African countries, and a group of international economic experts.
During the opening session titled "The Role of Stock Exchanges in Confronting Global Volatility," which was moderated by the president of the Mauritius Stock Exchange, and the heads of the Zimbabwean and Ghanaian stock exchanges, EGX President Rami El-Dokany discussed several important topics.
These topics included the independence of African stock exchanges from global markets, regulatory risks arising from poor banking practices in several countries, and the ability of the African banking sector to withstand these challenges through its conservative policies.
The session also discussed the impact of high-interest rates and the slowdown in foreign direct investment on African economies, as well as the role of multi-level exchange rates, which are considered below the optimal level and hinder foreign direct investment.
El-Dokany also delivered a speech - accompanied by a presentation - expressing EGX's vision for the carbon market and reducing carbon emissions, especially since the EGX has been a pioneer in this field since the idea of the carbon market was launched at COP27 and subsequently activated.
In addition, the EGX president participated in the African Stock Exchanges Union's board of directors meeting, which was held on the sidelines of the event. The EGX is a member of the Union's board and chairs its Sustainability Committee. It also serves as a member of the Union's Capacity Building Committee.
The Union's board discussed several important topics, including the roles of the working committees and approving cooperation agreements with both the African Union and the CFA Institute.
The board also discussed the second phase of the African capital markets interconnection project, a joint project between several African stock exchanges that aims to create a seamless trading network across the continent.
EGX's participation in the Building African Financial Markets Conference highlights the exchange's commitment to promoting the African financial market and strengthening its economy. This participation is a testament to EGX's leadership and expertise in the field of sustainable finance and carbon trading. Furthermore, the EGX's vision for the carbon market and reducing carbon emissions aligns with global efforts to tackle climate change and supports Egypt's efforts to transition to a green economy.
