Egypt Moves to Widen Local Debt Market Access to Foreigners
- Lawmakers approve start of central depository for bonds, bills
- Egypt looks to join Euroclear to lure foreign investors
Photographer: Khaled Desouki/AFP via Getty Images
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Egypt took another step toward further opening up its local debt to foreigners and reviving a market that’s been a favorite with investors.
Lawmakers approved a new central security depository this week, a major requirement for allowing Egypt’s bonds and bills to be settled by Belgium-based Euroclear Bank SA. That would make it easier for foreigners, who currently have to go through local lenders, to invest in the country’s debt.