EUROPEAN PROFILES S.A

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TITLE OF PROJECT

FISC Financial - Component 3: Support to the Capital Market Authority (With a focus on Corporate Governance)

Country:

Arab Republic of Egypt

Project Period:

2005-2008

Project Value:

€ 2.615.950

No of Staff Provided:

2

Origin of Funding:

EU-MEDA

Name of Client/ Beneficiary:

Egyptian Capital Market Authority/ Egyptian Directors Centre

Description of Project:

The overall objectives of the project are the modernisation of the Egyptian financial sector (Banks and Regulators) in order to meet the challenges of globalisation and to support private sector growth in the Egyptian economy as well as the introduction/reinforcement of international standards and best practices as regards the governance, regulation and operation of the Egyptian financial sector.


The specific activities of the project are the following:

  • Organisation of activities and supply services under Component 3 of FISC Financial Financing Agreement.
  • Reinforcement of the regulatory role, institutional capacity and internal procedures of the Egyptian Capital Market Authority through the provision of qualified technical and legal expertise.
  • Assistance to the Egyptian Capital Market Authority (CMA) in monitoring and implementing international principles/standards (OECD) for Corporate Governance.
  • Assistance the CMA in developing the structures and activities of a new Unit dedicated to Corporate Governance.
  • Support the CMA in promoting widespread awareness and application of Corporate Governance in the Egyptian business and financial sectors via multiple channels (internet, distance learning, audio-visual aids, publications, conferences, workshops...), with spill-over effects to the wider economy.
  • Reinforcement of the institutional capacity of the new Directors Centre, including training and research capacity, in order to secure accreditation with one or more European counterpart institutions.
  • Organise training courses for companies working in the Egyptian securities markets, in order to raise awareness of international benchmarks, thus contributing to improved performance of these companies.
  • Provision of accurate and timely reports to the supervisory authorities of this project, as required.

Services Provided:
  • Support to the Capital Market Authority (CMA)
  • Technical Assistance and Training in Specialised Areas
  • Capacity building within the Egyptian Director's Centre
  • Imbedding of Corporate Governance practice in the Egyptian Financial Sector
  • Investment Promotion via Awareness-raising amongst the Business Community, International Investors and Judiciary

Name of Partners:
  • Thessaloniki Stock Exchange Center S.A (Leader)
  • Hellenic Exchanges
  • Athens Exchange
  • Cyprus Stock Exchange
  • MDCS Co
  • Nestor Advisors