• Sherif Samy: The attention given by the government to the global competitiveness report is a serious initiative to improve Egypt’s ranking
• Egypt’s ranking has improved by 54 places in the ‘affordability of financial services’ factor
Sherif Samy – EFSA’s Chairman welcomed the first meeting of inter-ministerial committee of the global competitiveness report – issued by the World Economic Forum- headed by the Dalia Khurshid – Minister of investment. He pointed out that the attention given by the government towards that file and communicating with the concerned authorities to provide those who prepare the report with various data and assessments will enhance the objectivity of Egypt’s points in each factor and will help in improving its ranking.
Sherif Samy – EFSA’s Chairman revealed that the Global Competitiveness Report 2016 – 2017 showed that Egypt’s ranking in the financial market development index improved by 8 places in the financial development index. This index includes sub-indices, where the report shows that Egypt moved 75 places in the ‘affordability of financial services’ factor and 54 places in “bear financial services’ costs” factor.
EFSA’s Chairman pointed out that the ‘affordability of financial services’ factor has improved where Egypt got 3.8 points up from 3.3 last year. Also, he mentioned that Egypt’s ranking has improved by 54 places to be no. 72. He added that Egypt’s ranking in ‘financing through the local equity market’ and ‘regulation of securities exchanges’ indices does not changed this year where it came from 3.8 and 3.7, respectively, except that Egypt’s ranking has declined to position 58 and 105.
He noted that the (Doing Business Report 2017 ) issued by the International Finance Corporation of the World Bank revealed that Egypt’s progress for the third year in the sub-index for Minority Investor Protection. Egypt has moved eight places from among 190 countries covered by the report and obtained 45 points from 48.3. The report emphasized that Egypt has enhanced minority investors’ protection by increasing the role of shareholders and their rights to take fundamental decisions and by providing more clarity to ownership structures and companies’ control.