Financial literacy

Egypt celebrates Global Investor Week by promoting financial literacy

Rania Al-Mashat, Minister of International Cooperation, and Mohamed Farid, President of the Egyptian Exchange (EGX), inaugurated the EGX trading session on Tuesday, as part of Egypt’s participation in World Investor activities Week 2021.

The event also brought together heads of private and public universities, stock exchange executives, members of EGX’s board of directors and representatives of associations operating on the stock exchange.

The International Organization of Securities Commissions (IOSCO) launched Global Investor Week in 2017, with the aim of improving financial literacy and strengthening the culture of investing in capital markets.

The week includes many events and activities, as more than 80 global stock exchanges are very active and put a lot of effort into spreading financial culture related to the capital markets, with trading sessions from October 4 to 11, on the occasion of World Investor Week. , based on the invitations it receives from the World Trade Federation (WFE).

Al-Mashat stressed the importance of Global Investor Week, to promote the activities and role played by EGX in the development of the Egyptian economy. She noted the importance of capital markets in the coming period in light of the global demand for green and innovative financing tools to advance the 2030 agenda for sustainable development, and efforts to Egypt to use this type of financing tool to improve its vision of development.

The Minister indicated that the financial markets play a major role in financing large and small businesses as well as small and medium-sized businesses, which allows them to finance their expansions, increase their business volume and increase their opportunities. growth.

For his part, Mohamed Farid said that Egypt’s participation in Global Investor Week reflects the growing involvement in supporting and promoting financial literacy and raising awareness of capital market issues as one of the most important elements for developing the Egyptian market.

He revealed several efforts of the current administration to establish partnerships with several ministries concerned with education and culture, to develop and produce educational content that helps spread financial literacy for all groups, especially for children. , through interactive and dramatic story content.

“The current management believes that the process of improving financial literacy and increasing levels of financial awareness and knowledge is one of the most important goals of the value chain to develop the market, increase efficiency and competitiveness. This would happen by increasing the number of companies listed on the supply side and the number of investors on the demand side, as well as developing products, “he said.

He added that the strategy to improve financial literacy includes several aspects. It includes training employees and university students, developing social media platforms and updating the website, as well as launching an unprecedented media campaign to raise awareness and publicize the fundamentals of investing in stock Exchange.

Nadini Sukumar, president of WFE, said financial literacy is not optional. “We have always invested in spreading financial literacy, convinced of the importance of inclusive growth and market-based financing that contributes to sustainable economic growth. This is very dear to us, given the nature of the securities industry, which sees the protection of brokers as a major concern. “

Martin Moloney, Secretary General of IOSCO, said that the promotion and dissemination of financial literacy is a major player in the different lines of work of the organization.

“It’s a cornerstone. We will always work to design programs to educate clients as a key factor in ensuring their protection, ”he added.

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Louis R. Hancock

The author Louis R. Hancock

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