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Egypt ‘ready’ to join JPMorgan index by end of January 2022

Egypt ‘ready’ to join JPMorgan index by end of January 2022

Egypt ‘ready’ to join JPMorgan index by end of January 2022

Image Courtesy: File

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CAIRO: Egypt announced it is ready to officially join the JPMorgan Government Bond Index-Emerging Markets (GBI-EM) for emerging markets by the end of January next year, CNBC Arabia reported citing the finance minister.

Upon joining, Egypt will become one of only two countries in the Middle East North Africa region to make the index.

Mohamed Maait said that Egypt has an estimated weight of 1.8 per cent in the index with 14 categories of the government bonds valued at $26 billion.

This move will enable major investment funds and foreign investors to invest in Egyptian debt instruments in the local currency, Maait said.

Egypt will also join the JPMorgan ESG Index at the same time, based on October 2020’s green bond issuance, with a weighting percentage of 1.18 per cent, said Niven Mansour, advisor to the deputy minister of finance.

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