Egypt's inclusion in JP Morgan index may inject $1bln into government debt instruments

Egypt is expected to join the index with 14 bonds with a total value of $24bln

  
An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

An employee counts U.S dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image used for illustrative purpose

REUTERS/Mohamed Abd El Ghany

Cairo –  The Egyptian Minister of Finance, Mohamed Maait, said that the announcement of Egypt's inclusion in JPMorgan’s emerging-market sovereign bond index by the end of January 2022 is a new international testament to the country's economic strength.

About 90% of foreign investors surveyed by JP Morgan supported Egypt's inclusion in the index to be one of two countries in the MENA region included in the index, Maait said in a statement on Thursday.

Egypt is expected to join the index with 14 bonds with a total value of $24 billion and an estimated weight of 1.85%, Maait noted.

The country was previously included in the index, but it was removed in June 2011 after failing to meet the requirements of JP Morgan.

The minister said the inclusion could inject a total of $1 billion in new investments into government debt instruments, including treasury bills and bonds.

Source: Mubasher

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