Arab Finance: Minister of Investment and Foreign Trade Mohamed Farid met with Bank of New York (BNY) executives to explore expanding cooperation on international financing tools and enhancing Egyptian companies’ access to global capital markets, as per a statement.
The meeting followed discussions held during Farid’s official visit to London in June and reviewed progress on the agreements reached then. It also focused on advancing cooperation on Global Depositary Receipts (GDRs), which allow companies to raise capital from a broader base of international investors.
The talks included Ghada Kandil, Chief Director of BNY in Cairo; Tony Tooma, Director of Issuer Services Sales for the Middle East and Africa at the bank; and Mahmoud Salem, Managing Director in BNY Mellon’s Issuer Services sector.
Discussions focused on maximizing the use of GDRs to connect Egyptian companies with a broader international investor base, diversify their funding sources, and support their growth and expansion plans.
The meeting also addressed developments in global capital markets, including increased initial public offering (IPO) and capital-raising activity.
Participants said the current momentum could provide opportunities to promote Egyptian companies and investment prospects to international investors and connect businesses with financing available in global markets.
Farid said the ministry is working to translate Egypt’s economic reforms into practical measures, with a particular focus on improving the experience of existing investors as a key step toward attracting and stimulating further investment.
He added that the ministry maintains an ongoing partnership with international institutions to exchange expertise and insights on attracting investment. These partnerships are also intended to develop financing instruments, broaden the investor base, deepen the Egyptian capital market, and strengthen its ability to attract foreign investment.
Farid also noted that the ministry is seeking to draw on BNY’s experience in issuer services and international financial instruments while applying global practices in capital market development.
He added that the ministry will continue coordinating with international financial institutions and other relevant partners, Farid said. It also plans to organize targeted promotional meetings with investors based on their sectoral interests to support foreign investment inflows and increase Egyptian companies’ presence in global capital markets.
For her part, Kandil said the continued cooperation between BNY and the ministry reflected their shared commitment to expanding the use of international financial instruments and connecting Egyptian companies with global markets.
She stressed the importance of building on previous meetings and turning their outcomes into practical steps. Continued dialogue, she added, could create further opportunities for cooperation in capital markets and international finance while helping Egyptian companies benefit from globally available financing instruments.
Also, Salem said global markets were experiencing considerable IPO and capital-raising activity, creating opportunities for companies and markets capable of presenting businesses and projects with strong growth potential.
He added that Egypt offered several investment opportunities and called for continued coordination between the two sides. He also underscored the need to promote opportunities more effectively and tailor outreach across sectors to investors’ interests.
The two sides agreed to continue their discussions and advance previous agreements to support the development of Egypt’s capital market, improve Egyptian companies’ access to global markets, and attract further foreign investment.
