Egypt ironing out technical issues to join Euroclear in coming months- minister

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CAIRO – Egypt is still discussing some technical issues to make its domestic debt “Euroclearable”, a goal it expects to achieve within a few months but not by an earlier target of November, Finance Minister Mohamed Maait said on Wednesday.

Egypt signed an agreement to create a cross-border link with Euroclear, Europe’s biggest settlement house for securities, in 2019. The moves will make domestic Egyptian debt available to a larger number of foreign investors.

Earlier this year, the government said it expected to conclude the process by November, but Maait said there would likely be a delay.

“Let me say we finished more than 95% of the requirements,” he said, on the sidelines of a conference in Cairo. “We hope that in the coming few months it will be sorted out.”

“It might be March next year, I’m not sure.”

Egypt is also on review to join JP Morgan’s GBI-EM investment index in a listing that could lift its local currency bond markets. The government is due to take part in a video conference discussion about the conclusion of the process to join the index in mid-September, Maait said.

Reuters

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