CAIRO, July 30 (Xinhua) -- The Egyptian Exchange (EGX) pumped 37 billion Egyptian pounds (over two billion U.S. dollars) into the national economy over the past four years, the bourse chairman said in a press conference on Sunday.
"The increased capitals of listed companies pumped into the EGX reached 37 billion Egyptian pounds, with average 9.3 billion Egyptians pounds annually," EGX Chairman Mohamed Omran told reporters at the news conference reviewing the bourse's four-year performance since 2013.
He added that another 46 companies have also joined the stock market, which indicates improvement of the business climate in Egypt due to the ongoing economic reform program.
The EGX worked over the past four years on attracting promising companies to the Egyptian market through promotion campaigns and conferences, said Omran.
Egypt has been facing economic recession over the past few years due to political turmoil and relevant security issues, which led to declining tourism and foreign investments amid growing budget deficit, inflation rate and foreign and domestic debts.
The country started last year a three-year economic reform program, which includes austerity measures, energy subsidy cuts and a floating exchange rate.
"From 2013 to 2017, the net share purchases made by foreign companies reached 15 billion Egyptian pounds (about 839 million dollars)," said the bourse chairman, noting that the highest foreign investment flow in the EGX took place after the local currency floatation in late 2016.
Egypt's economic reform program is supported by a 12-billion-dollar loan from the International Monetary Fund, a third of which has already been delivered to Egypt in two tranches. Enditem
