Egypt back to JP Morgan’s Emerging Markets Index

Egypt back to JP Morgan’s Emerging Markets Index

CAIRO - 31 Janaury 2022: Egypt officially returned to the JPMorgan index, Monday, Jan. 31, nearly 10 years after its exit from it in June 2011. Mohamed Maait, Minister of Finance, said that Egypt is one of two countries in the Middle East and Africa within the J.P. Morgan Emerging Market Bond Index (EMBI). After 2.5 years of Egypt’s pursuit of rejoining the “JP Morgan” index by fulfilling the bank's requirements; which included extending the life of government debt, adjusting the yield curve, and raising the participation rate of foreign investors in government financial instruments with Increase the size of each version, JPMorgan Chase & Co. announced during October its approval of Egypt's inclusion in its emerging market government bond index as of the end of 2022 with an estimated weight of about 1.85 percent. JPMorgan confirmed that about 14 categories of government bonds denominated in Egyptian pounds, with a total value of $26 billion, are eligible for the benchmark index, with an average return of 14.9 percent for those bonds with duration between 9 months and two years. The bank's analysts indicated in April that Egypt's local currency bond market would benefit with returns ranging between $1.4 billion and