Technical treatments delay Egypt’s accession to Euroclear until next year

Egypt’s Finance Minister Mohamed Maait confirmed today Wednesday that Egypt is still examining some technical issues to make its domestic debt eligible for European clearing, a target it expects to achieve within months but not by a set date. in November.

Egypt has signed a cross-border connection agreement with Euroclear, the largest operator The European Clearinghouse for the Settlement of Securities Transactions, in 2019. These moves would make Egyptian domestic debt available for More number of foreign investors.

At the beginning of questyear, the government said it expects to complete the process by November, but Maait said delays are likely.

“Let me tell you that we have completed more than 95% of the requirements, we hope it will be solved in the next few months, maybe in March next year, I’m not sure,” he said on the sidelines of a conference in Cairo.

Egypt is also in revision phase to join the JP Morgan Emerging Market Government Bond Index in a listing that could boost its bond markets in local currency. Maait said the government should participate in video discussions on the outcome of the index membership process in mid-September.

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