Cabinet greenlights investor protection fund intervention: The Madbouly Cabinet has approved a proposal from the Financial Regulatory Authority (FRA) to allow the Investor Protection Fund (IPF) to invest up to 10% of its EGP 4 bn funds to stimulate the stock market, according to a FRA official statement. The fund could decide to offload the 10% directly and buy equities, or decide to raise Misr Al Mostakbal Fund’s capital or buy up its securities, he fund’s chairman Mamdouh Aboul Azm told Al Mal. The IPF still needs to draft the regulations for its investments and get FRA approval before moving ahead.

Separately, the IPF has allocated EGP 8 mn for brokerage companies and will disburse EGP 20k-100k in cash allowance for each company by mid-April to support their infrastructure costs and subsidize their membership fees.

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