Minister of Finance Mohamed Maeet said Saturday that Egypt was moving surely on the road to economic reform in ways that boosted confidence in the country’s financial institutions.
He added that this will also boost the business community’s confidence in the Egyptian financial market and attract more investments to Egypt’s local currency debt instruments.
This will make Egypt and South Africa the only two countries in the Middle East and Africa to be listed in the index, the minister said.
Egypt, which was removed from the index in the aftermath of the 2011 Revolution, has been working for more than two years to be relisted. It is expected to be included in the second half of 2021.
Minister Maeet said this potential relisting reflected efforts made by his ministry in the past years to reduce the cost of public debt as part of the national economic reforms.
He expected that Egypt’s inclusion in the J.P. Morgan Government Bond Index would bring in $4.4 billion in new investments to the Egyptian Stock Market. This, the minister said, would push the national debt management strategy forward.
