FTSE inclusion to bring $4bln into Egyptian bonds: Maait

FTSE Russell launched its Frontier Emerging Markets Government Bond Index Series, naming Egypt as one of the 13 countries included

  
Egypt's Finance Minister Mohamed Maait gestures during a news conference in Cairo, Egypt July 17, 2019.

Egypt's Finance Minister Mohamed Maait gestures during a news conference in Cairo, Egypt July 17, 2019.

REUTERS/Amr Abdallah Dalsh

ArabFinance: The Finance Ministry is expecting an additional $4 billion in foreign inflows into Egyptian debt on the back of Egypt’s inclusion in the FTSE Russell’s new frontier-market sovereign bond index, Finance Minister Mohamed Maait said in a statement.

FTSE Russell launched its Frontier Emerging Markets Government Bond Index Series, naming Egypt as one of the 13 countries included on the $414 billion index.

Maait said that inclusion is a sign the economic reforms are paying off.

The inclusion also reflects efforts taken to lower public debt and improve Egypt’s credentials among emerging market peers with the ongoing economic reforms.

EGP bonds have a weighting of c. 13.6% of the index.

A country-capped index means that Egypt can only have a maximum weight of 10%.

Inclusion in the index will be reviewed semi-annually in March and September.

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