Egypt is eligible to join the index with an estimated weight of 1.85 percent with 14 government bonds worth a total value of about $26 billion, said Minister Mohamed Maeit. This, he added, should encourage big investment funds and foreign businessmen to put their money into Egyptian debt instruments in the local currency. Joining the JP Morgan index sends a message about the confidence of foreign investors in the strength of the Egyptian economy, Maeit said. Egypt was removed from the index in 2011 after failing to meet the requirements of the index. The inclusion will make Egypt the second country in the Middle East and Africa to join the index, besides South Africa.

Source: Libya Today December 12, 2021 18:30 UTC