The Egyptian Minister of Finance, Mohamed Maait, expects that the Egyptian economy will gradually return to its previous growth rates of 5.5 percent during the fiscal year 2021/2022, pointing out that "the current fiscal year may witness growth between 2.8 percent and 4 percent, while it will rise to levels Between 5.5 percent and 6.5 percent, during the next fiscal year."
In another context, Maait revealed that the Egyptian Ministry of Finance has completed the legislative structure required to settle Egyptian bond issues in local currency through the "Euroclear" mechanism, noting that "we have largely completed the legislative requirements that require a new law, and what remains is to choose the company responsible for the settlement operations, and it may take place between September and November 2021."
Maait added: "The agreement signed in October 2019 with Euroclear Bank will allow the settlement of Egyptian debt instruments issued in the local currency, which will attract more foreign investors and global central banks to provide permanent liquidity on these instruments and reduce the cost of local debt."
The Egyptian government issued the first sovereign green bonds worth 750 million dollars last month, as part of the Finance Ministry's plan to diversify debt instruments.
Source (Al-Arabiya.net, Edited)
