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Egypt eyes listing on JP Morgan's EMBI - Minister

Egypt eyes listing on JP Morgan's EMBI - Minister
Egypt's finance minister Mohamed Maait

Cairo – Mubasher: Egypt aims to join J.P. Morgan's Emerging Markets Bond Index (EMBI), the finance minister said.

The move is part of the country’s strategy aiming to reduce borrowing costs and make its debt instruments more attractive, Mohamed Maait told Bloomberg.

Maait added that the Egyptian government intends to finalise an agreement with Belgium-based Euroclear by June to help foreigners to invest in Egyptian pound-denominated sovereign debts.

Egypt currently offers the highest yields in the emerging markets after Argentina, which in return will attract foreign investors to the Egyptian debt.

The North African nation plans to begin the Eurobond sale in the period between February and March in different currencies worth between $3 billion and $7 billion.

Egypt had raised $2.46 billion in April 2018 from eight-year and 12-year euro-denominated bonds sale at an interest of 4.75% and 5.625%, respectively.