Egypt's secondary bond market framework 'approaching completion'

Sep 30, 2010

Work on a new legal framework that will apply to Egypt's secondary bond market is approaching completion, according to the country's Investment Minister.

Mahmoud Mohieldin noted the reforms are almost ready for introduction, as the country looks to improve fixed-income trade and boost its debt markets by simplifying corporate and government instruments, Reuters reports. The government had previously said it intends to establish a secondary bond market before the end of the year, but Mr Mohieldin, who is in the process of leaving his position in order to take up a new role at the World Bank, did not give any indication of when the new framework will be implemented. He noted the "authority responsible for financial services regulations" is currently applying "the final touches" to the system. Mr Mohieldin is due to take up the position of Managing Director of the World Bank Group on October 4th, a post that will see him oversee the offices of the bank that are involved with knowledge development.