Cabinet approved plans for an international bond issuance worth USD3-5bn, according to Deputy Minister of Finance Ahmed Kojak said. Egypt will initially target USD3bn, but could borrow up to USD5bn if there is the appropriate liquidity in international markets and investor confidence, he added. Last week, the ministry released a request for proposal (RFP) by 11 August, approaching banks for the sale. The Minister, Amr El Garhy, had earlier noted that the issuance will take place in late September or Early October. (Reuters, Bloomberg)
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