Egypt Seen Activating Bond Market in Q2 – Omran

The Egyptian Exchange (EGX) Chairman Mohamed Omran said Tuesday a bond trading platform in Egypt that has been 10 years in the planning could open for business in the second quarter of 2014, according to Reuters.

Omran had said in October that trading via the electronic platform could start as early as the first quarter of this year if progress on the project continued without hindrance.

“We hope to activate the bonds market in the second quarter of this year. The file is now with the central bank to come to an agreement with banks on how to issue certain percentages of the bonds for trading,” Omran told Reuters.

Egypt has been trying to revive its economy, which has been battered by three years of political turmoil.

It is currently revising listing regulations for its stock exchange to attract new companies and boost turnover, including developing new mechanisms for exchange-traded funds (ETF) and rights issues.

The bond trading platform could make it easier for investors to buy and sell securities on the bourse.