London Stock Exchange Group looks to support Egypt

On 22 October 2017, a delegation from the London Stock Exchange Group arrived in Cairo for a two-day visit to support EGX’s development and connect the Egyptian government and companies to London markets - one of the world’s most powerful sources of international investor capital.

The delegation is headed by Tom Attenborough, Head of International Business Development; Gokul Mani, Head of Primary Markets for Middle East, Africa & India; and Adam Scheuer, the Manager at International Government Relations.

The London Stock Exchange is one of the world’s oldest stock exchanges, and can trace its history back more than 300 years to the coffee houses of 17th century London. Today, it is the largest stock exchange in Europe, and the most international stock exchange, with 350 companies from more than 50 countries.

The delegation met with Minister of Investment & International Cooperation Dr. Sahar Nasr; Deputy Minister for International Cooperation Dr. Shehab Marzban; Vice Minister of Finance Executive Ahmed Kouchouk; Head of Public Sector Debt (DMO) Sami Khallaf; Head of Egyptian Exchange Mohamed Farid; Head of International Cooperation Sector at MSME Development Agency Aliaa El Sherif; and the Sub-Governor of the Treasury, Reserves Managements and Monetary Policy Implementation at the Central Bank of Egypt Rami Aboul Naga.

On 23 October, His Excellency the British Ambassador to Cairo John Casson hosted a reception for the visiting delegation.

“Today we open the next chapter in Britain’s unique investment partnership with Egypt as number one economic partner. London’s financial markets offer Egypt unique access to deep and liquid pools of international investment capital. When the Egyptian government and LSE combined forces, headlines were made around the world on a hugely successful bond issuance that raised billions and helped dozens of companies. Now LSE Group are here to help more companies access the investment capital needed to build the new Egypt, and to build the capacity of the Egyptian Stock Exchange to help Egypt’s companies grow and create an economy that brings jobs, stability and a brighter future for all Egyptians.”

While speaking, Attenborough said’ “London Stock Exchange has a long history of supporting Egyptian issuers and is proud to reinforce economic ties between the UK and Egypt. 13 Egyptian companies are listed on London’s global markets and seven billion dollars has been raised by the Egyptian government in a landmark debt issuance in London in 2017 alone.

“London Stock Exchange is also renowned for its continued support for international SMEs through ELITE, our business support and capital raising programme and ‘Companies to Inspire’ reports, championing the fastest growing companies, including from Egypt. London offers issuers access to deep liquid pools of international investor capital, making the City a natural funding partner to Egypt as it continues on its transformative economic reform programme.”

EU, UNICEF

As part of its ongoing commitment to conflict-affected children, the European Union has made a contribution of € 1 million to support UNICEF's emergency education program in Sudan.

"I have just visited the Darfur region, where I have seen the extent of the devastation caused by conflict in Sudan, both for those fleeing from southern Sudan and Sudanese who have been uprooted for many years by violence, and we have to give them hope for a better future,” said Christos Cetliabendis, Humanitarian Aid and Crisis Management Commissioner.

According to the Comprehensive Humanitarian Needs Report of 2017, there are 4 million children of school age (4-16 years) living in eight conflict-affected states in the Sudan, of which 1.8 million are in need of education for emergency support. Currently, the enrollment rate in these states is 51%, lower than the average of 59% in the rest of Sudan.

The generous contribution will play a crucial role in reaching thousands of children of the most vulnerable school age, specifically renewing access to education for approximately 15,000 children of conflict-affected school age, 50% of whom are girls in North Darfur, East Darfur and West Kordofan. Support will also be provided for the construction and rehabilitation of classrooms, including water, sanitation and sanitation. In addition, the capacity of 330 teachers and 210 members of parent and teacher associations will be developed. Teacher training includes emergency education, interactive education and psychological support, community cohesion for quality education, and violence prevention. The partnership between UNICEF and the EU will also support life skills and additional activities for conflict-affected children and adolescents through the establishment of school children's clubs to promote sanitation and sports.

In 2016, through the contribution of the EU and other partners, UNICEF and its implementing partners enabled 280,000 out-of-school children in rural areas, nomadic communities and communities affected by emergencies to access the Basic Education and Alternative Education program.