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Egypt Rejoins JP Morgan Emerging Market Bond Index

General view of hotels, banks, and office buildings by the Nile River in Cairo (Reuters)
General view of hotels, banks, and office buildings by the Nile River in Cairo (Reuters)
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Egypt Rejoins JP Morgan Emerging Market Bond Index

General view of hotels, banks, and office buildings by the Nile River in Cairo (Reuters)
General view of hotels, banks, and office buildings by the Nile River in Cairo (Reuters)

Egypt joined the JP Morgan Emerging Market Bond Index (EMBI) Monday to become the second country in the Middle East and Africa to be listed in the index.

A press statement published by the government on its official Facebook page stated that with an estimated weight of 1.85 percent, Egypt is expected to enter the index with 14 bonds valued at $26 billion.

Finance Minister Mohamed Maait said that the Ministry has sought to enable Egypt to rejoin the EMBI for three years after the country had been removed from the index in June 2011 for not meeting requirements.

The Minister said Egypt had fulfilled the bank's requirements to rejoin the index, including extending the life of government debt, adjusting the yield curve, and promoting foreign investors' participation in government financial instruments.

Maait indicated that Egypt's accession to the JP Morgan government bond index for emerging markets is a new certificate of confidence from foreign investors in the solidity of the Egyptian economy.

The Minister explained that this confirms that 90 percent of the surveyed foreign investors supported Egypt's entry into the index.

The step reflects the continuous efforts of the Ministry of Finance to reduce the cost of public debt as part of the package of measures taken by the state for economic reforms, according to Maait.

Meanwhile, advisor to the Deputy Minister of Finance, Nevine Mansour, said Egypt would join the JP Morgan Environmental and Governance Index based on the launch of green bonds in October 2020.

Egypt's percentage in this index is 1.18 percent, reflecting the country's presence on the map of sustainable economies and the country's orientation towards green debt tools.

Deputy Minister of Finance for Financial Policies and Institutional Development Ahmed Kojak stated that Egypt's inclusion in the indicator translates the efforts of the Ministry of Finance and would contribute to achieving one of the Egyptian government's debt management strategy objectives, which is to reduce the cost of financing.

It also helps activate the stock market to increase its levels of liquidity and enhance the demand for government debt instruments, which would reduce its cost through the decline in the return required by investors.

Kajok expects Egypt to issue international bonds worth $5 billion in the 2022-2023 fiscal year, which begins next July.

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Ships Warned to Avoid Red Sea, Log Hormuz Voyages after Israel Hits Iran

A military aircraft flies in the sky following a barrage of missiles launched from Iran, as seen over Tubas, in the Israeli-occupied West Bank, June 14, 2025. REUTERS/Raneen Sawafta
A military aircraft flies in the sky following a barrage of missiles launched from Iran, as seen over Tubas, in the Israeli-occupied West Bank, June 14, 2025. REUTERS/Raneen Sawafta
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Ships Warned to Avoid Red Sea, Log Hormuz Voyages after Israel Hits Iran

A military aircraft flies in the sky following a barrage of missiles launched from Iran, as seen over Tubas, in the Israeli-occupied West Bank, June 14, 2025. REUTERS/Raneen Sawafta
A military aircraft flies in the sky following a barrage of missiles launched from Iran, as seen over Tubas, in the Israeli-occupied West Bank, June 14, 2025. REUTERS/Raneen Sawafta

Merchant shipping is continuing to pass through the Strait of Hormuz despite Israel's attacks on Iran on Friday, the multinational, US-led Combined Maritime Force said, although some shipowners were looking to avoid the region.

Iran has in the past threatened to close the critical Strait of Hormuz to traffic in retaliation for Western pressure. Any closure of the Strait could restrict trade and impact global oil prices.

"The Strait of Hormuz remains open and commercial traffic continues to flow uninterrupted," the Combined Maritime Force said in advisory, adding that events over the past day had increased the likelihood of regional conflict to "significant".

Greece and Britain have advised their merchant shipping fleets to avoid sailing through the Gulf of Aden and to log all voyages through the Strait of Hormuz following Israel's attacks on Iran, documents seen by Reuters showed.

"We have reports that more ship owners are now exercising extra caution and are opting to stay away from the Red Sea” and the Arabian Gulf, said Jakob Larsen, chief safety & security officer with shipping association BIMCO.

If the United States is perceived to be involved in any attacks, "the risk of escalation increases significantly", Larsen said. "Such an escalation could include missile attacks on ships or laying of sea mines in the Strait (of Hormuz)."

Israel said it had targeted nuclear facilities, ballistic missile factories and military commanders during the start of a prolonged operation to prevent Tehran from building an atomic weapon. Iran denies having any such plan.

"Hormuz is a critical waterway, without alternative, for tanker trades and any impediment or threat to free movement of shipping would have a significant effect upon the world’s economy," tanker shipping association INTERTANKO said.

Greek ship owners were urged to send details of their vessels sailing through the Strait of Hormuz to Greece’s maritime ministry, according to one of the documents issued by Greece's shipping association, which was sent on Friday. Greek owners control the world's biggest tanker fleet.

"Due to developments in the Middle East and the escalation of military actions in the wider region, the (Greek) Ministry of Shipping ... urgently calls on shipping companies to send ... the details of Greek-owned ships that are sailing in the maritime area of the Strait of Hormuz," the document said.

All UK-flagged vessels, which include the Gibraltar, Bermuda and Isle of Man 'red ensign' registries, were advised to avoid sailing through the southern Red Sea and the Gulf of Aden, a separate document issued by the UK's transport ministry said.

If sailing through those areas, vessels must adhere to their highest level of security measures and limit the number of crew on deck during voyages, said the advisory, seen by Reuters.

The European Union's naval mission in the Red Sea, Aspides, is continuing operations as normal but is monitoring developments in the region, an Aspides official told Reuters.