{"id":543409,"date":"2022-01-31T14:00:08","date_gmt":"2022-01-31T14:00:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/this-evening-egypt-joins-jpmorgan-bond-index-egypt-ups-2021-2022-growth-forecast-to-6-also-qatar-could-play-superhero-to-europes-energy-crisis\/"},"modified":"2022-01-31T14:00:08","modified_gmt":"2022-01-31T14:00:08","slug":"this-evening-egypt-joins-jpmorgan-bond-index-egypt-ups-2021-2022-growth-forecast-to-6-also-qatar-could-play-superhero-to-europes-energy-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/31\/this-evening-egypt-joins-jpmorgan-bond-index-egypt-ups-2021-2022-growth-forecast-to-6-also-qatar-could-play-superhero-to-europes-energy-crisis\/","title":{"rendered":"THIS EVENING: Egypt joins JPMorgan bond index + Egypt ups 2021-2022 growth forecast to 6% + ALSO: Qatar could play superhero to Europe\u2019s energy crisis"},"content":{"rendered":"

Welcome to a surprisingly busy Monday afternoon<\/strong> as we wind down the last day of this first month of the year, ladies and gentlemen. We have plenty going on today, so let\u2019s get right to it.<\/p>\n

<\/a> THE BIG STORIES TODAY-<\/strong><\/p>\n

#1- Egypt joins JPMorgan bond index:<\/strong> We\u2019re officially back on JPMorgan\u2019s GBI-EM Global Diversified Index, where 14 Egyptian bonds worth a combined USD 26 bn have now been added, giving Egypt a weight of around 1.85%, Finance Minister Mohamed Maait said today (watch, runtime: 1:51<\/a>). The bonds have also been added to the GBI-EM Broad Diversified Index, the GBI-AGG Diversified Index, and the JESG suite, making us one of only two countries in the Middle East and Africa to join the green bond index (alongside South Africa), Maait noted. Our addition to the index is a strong reflection of international investor confidence in Egypt and its fundamentals, with 90% of surveyed investors voting for our inclusion, the minister said.<\/p>\n

The inclusion is a \u201cmilestone\u201d for Egypt\u2019s debt management efforts and debt strategy<\/strong>, which focuses on \u201celongating and extending our debt profile,\u201d Vice Minister of Finance Ahmed Kouchouk said (watch, runtime: 2:07<\/a>). Having our bonds on the index will also attract more international investors, driving up demand for government securities and helping Egypt secure the lowest costs, Kouchouk said.<\/p>\n

Our inclusion, which comes after three years of consultations with JPMorgan, was contingent on us meeting several requirements<\/strong>, including reshaping the yield curve, increasing the average issuance size to USD 7 bn, and streamlining some processes related to taxation, Advisor to the Vice Minister of Finance Nevine Mansour said (watch, runtime: 1:46<\/a>).<\/p>\n

#2- Egypt ups 2021-2022 growth forecast to 6%:<\/strong> The Planning Ministry has revised upwards its FY2021-2022 growth forecast for the Egyptian economy to 6%, from 5.6% previously, Minister Hala El Said tells Bloomberg Asharq<\/a>.<\/p>\n

#3- Social commerce startup Brimore closed a USD 25 mn series A round<\/strong> led by the International Finance Corporation and Silicon Valley VC Endure Capital, the company said in a statement (pdf)<\/a>. Brimore plans to use the funding to grow its network of sellers and tap into two new markets next year.<\/p>\n

^^ We\u2019ll have more on these stories in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n