Arab Finance: Egypt is set to announce the winner of the securities evaluation, classification, and arrangement activity license before the end of next December, Vice President of the Financial Regulatory Authority (FRA) Islam Azzam told Asharq Business.

The license will help reduce costs and time for companies issuing bonds, or those that need to update their credit ratings, Azzam said.

Three consortia of local firms, in cooperation with international institutions, are competing to obtain this license in Egypt.

The FRA has received three requests submitted by I Score consortium, in cooperation with Standard & Poors; Beltone Capital consortium, in cooperation with Crif Ratings; and MGM Financial & Banking Consultants consortium, in cooperation with Infomerics Valuation and Ratings.

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