Egypt to join JP Morgan bond index for emerging markets

Egypt is eligible to join the index with an estimated weight of 1.8 percent with 14 government bonds with a total value of $24 billion, JP Morgan said.

The company also said that 90 percent of the investors it surveyed in consultations supported the inclusion.

The announcement comes after almost three years of discussions with JP Morgan.

JP Morgan had announcement in April that it had placed Egypt and Ukraine under review for inclusion in the EM index on the back of their steady improvement in liquidity and access to onshore government bond markets on the foreign investor level.

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.