The Banking Executive Magazine - June 2022 Issue

A Journey of Continuous Success… Asset Management Program to State- Owned Enterprises (SOEs). He led a comprehensive structural and regu- latory reform program to modernize and liberalize the Egyptian economy in those three critical areas – lever- aging private investment for growth and job creation; enhancing access to non-bank financial services; and implementing a successful asset management program of public en- terprises. Private investment: through his major legislative and institutional reforms, there was tangible impact on both domestic investments, as well as FDI inflows. Between 2004–05 and 2006–07, private sector investments grew at an average annual rate of 40% and FDI inflows increased from $2 billion in 2004 50 $13.2 billion in 2008. As a result of his leadership, Egypt was named Top Reformer for four years in the Doing Business Re- port and was top regional recipient of foreign direct investment. Financial services and corporate governance: Mohieldin has established a global reputation for effective and strategic management and built an outstand- ing record of results including: creat- ing an effective single regulator for the non-bank financial sector, the Egyptian Financial Supervisory Au- thority (EFSA); building a stock-mar- ket for small and medium-sized enterprises, the Nile Stock Exchange (NILEX); creating the first institute of directors in the Arab World; develop- ing an environmental, social and governance index with Standard & Poor's for companies listed on the Egyptian Exchange (S&P/EGX ESG Index); developing the first Arabic Code of Conduct for corporate gov- ernance and introducing guidelines for corporate social responsibility; consolidating and liberalizing the in- surance sector and enhancing its reg- ulatory framework; and developing the mortgage finance market and launching Egypt's first liquidity facil- ity for mortgage refinance. These reg- ulatory reform measures helped allow the non-bank financial services industry to accommodate new prod- ucts as well as position Egypt as the regional center for financial services at the time. Asset Management Program: By adopting a comprehensive asset management program, the Ministry of Investment, under the leadership of Mohieldin, eliminated the £E32 million debt of State-Owned Enter- prises, and brought it to zero; its net assets went from negative to positive. By 2007/08, the portfolio was gener- ating profit of £E5.1 billion. The min- istry also significantly enhanced corporate governance of SOEs. International Triumphs – World Bank and IMF Dr. Mohieldin joined the World Bank in October 2010 as Managing Direc- tor. As managing director, Mohieldin oversaw the networks responsible for the BANKING EXECUTIVE 24 ISSUE 162 JUNE 2022