Cairo – Mubasher: The governor of the Central Bank of Egypt (CBE) Tarek Amer stated that the bank and the government were working on a major programme involving several initial public offerings (IPOs) on the Egyptian Exchange (EGX) in the coming period.
Speaking at a press conference on Thursday, Amer noted that the plan aims to elevate the EGX into becoming one of the leading and strongest emerging bourses in the world.
"We possess strong companies, the decision and the will," he stated, adding that the CBE will launch limited IPOs of public companies on the EGX, whilst keeping the majority stakes of these companies in the hands of the government.
"We seek to turn Egypt into a global financial hub", the CBE governor highlighted.
If the government fears taking decisions, nothing will be accomplished, he added.
Earlier on Thursday, the CBE decided to adopt a floatation scheme for the Egyptian pound against the dollar.
Capital economics described the CBE's decision as a positive step.
