Egypt targets 3 trillion pounds in market cap by 2021: FinMin

Egypt plans to boost the value of the local bourse’s market capitalisation to reach 3 trillion Egyptian pounds ($169.5 billion) by 2021, Minister of Finance Amr al-Garhy announced Wednesday.

The total value of the Egyptian Stock Exchange’s (EGX) market capitalisation currently exceed 800 billion pounds, al-Garhy added in a press conference.

Egyptian government plans to launch its U.S. dollar-denominated bonds within the first half of next month, he said.

“The value of the bonds will be determined according to the financial needs and fiscal gap of the state budget,” al-Garhy said.

“Improvement of financial performance and the increase of the revenues, especially taxes’ revenues came with an improvement in the structure of public spending.” al-Garhy added.