Egypt considers tapping Indian stock markets: Finance minister

Ahram Online , Tuesday 14 Nov 2023

Egypt is considering a presence in the Indian stock markets, said Minister of Finance Mohamed Maait during a meeting with India’s Ambassador to Cairo Ajit Gupte on Tuesday.

Maait
Minister of Finance Mohamed Maait meets India s Ambassador to Cairo Ajit Gupte.

 

The meeting discussed ways to boost the use of local currencies to settle payments between Egypt and India and enable Indian companies to benefit from the incentives offered by the Egyptian government to the private sector.

Maait stressed Egypt’s willingness to diversify its financing resources by tapping new markets after issuing Yen- and Yuan-denominated bonds.

The minister added that he also discussed with Gupte exchanging expertise in the fields of financial technology and healthcare.

Egypt is taking more steps towards the Asian markets, as the country is on its way to officially join the BRICS bloc in January 2024. Recently, the country issued $1 billion in yen-denominated bonds in August and another $500 million in yuan-denominated bonds in October, with further yen-denominated bonds in the pipeline.

The Egyptian government is implementing an extensive programme to offer stakes in 35 state-owned companies to strategic investors under a four-year loan agreement with the International Monetary Fund (IMF).

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