Deal to make EGP-denominated debt “Eurocleared” close to finalized

EGP-denominated debt could become “Eurocleared” before the end of 2023, Finance Minister, Mohamed Maait, told local media yesterday.

The Ministry of Finance is finalizing the details to make locally-issued EGP-denominated debt cleared by Europe's biggest settlement house for securities, Euroclear, Maait explained.

Egypt has been working towards meeting clearinghouse Euroclear’s conditions since signing an agreement in 2019, with expectations that it would be completed by the second half of 2022 after delays pushed It from the fourth quarter of 2021.