Egypt - Modernization of the Egyptian Central Bank Clearing and Settlement Depository System for Government Securities Project


Project Summary

Approval Date 10 Jul 2015
Signature Date 15 Nov 2015
Planned Completion Date 31 Dec 2019
Last Disbursement Planned Date 30 Dec 2019
Sovereign / Non-Sovereign Sovereign
Sector Finance
DAC Sector Code 24030
Commitment U.A 891,595
Status Implementation

Project General Description

The modernization of the egyptian Central Bank clearing and settlement depository system for Government securities project consists in providing necessary IT infrastructure and capacity to the Central Bank of Egypt (CBE) in order to establish a liquid reference benchmark on the short end, building up to the long end of the yield curve. This should enable higher volumes of trading on the secondary market in a transparent and efficient manner through the centralization of Central Securities Depository System (CSD) functions. The latter will also facilitate the introduction of new instruments to the market and enable the CBE to collect consolidated market data efficiently. In addition, once a reliable benchmark yield curve is created, based on market price information, it will promote the introduction of new financial instruments. Corporate bond issuers will greatly benefit when they price new issues. It is expected that the enhancement will provide both local and foreign investors greater access to the Egyptian capital market and will promote confidence amongst the market participants. In turn, the project will improve market liquidity for all debt instruments.

Project Objectives

The project aims to provide necessary IT infrastructure and capacity to the Central Bank of Egypt (CBE) in order to establish a liquid reference benchmark on the short end, building up to the long end of the yield curve.

Beneficiaries

The beneficiaries of the project are the Central Bank of Egypt and the corporate bond users.

Participating Organization

Funding
Middle Income Countries Fund
Implementing
GOVERNMENT OF EGYPT

Information

IATI identifier 46002-P-EG-H00-002
Last Update 31 Oct 2019

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Contact Details

Name MAHAMOUD HOUSSEIN Ismail
Email i.mahamoudhoussein@afdb.org

Geographic Location

Country Egypt
Coordinates Location Name
27 30 Egypt