Egypt hopes to issue international bond by end-June
Egypt's government hopes to return to the international bond market with a debt issue by end of June, Finance Minister Hany Kadry Dimian said on Monday. Speaking to reporters on the sidelines of an economic conference in Abu Dhabi, Dimian said the size of the issue, the timing and the tenor (maturity) would depend on market conditions. "We are keeping an eye out, hoping to get into the market before the end of this fiscal year. The bottom line and final decision will be for the market to dictate - whether we are out of the consequences of turbulence that happened in China and its negative impact on emerging markets or not. "Time comes first, then size, then tenor," Dimian said, adding that Egypt would face a "financing gap" over the next three years of between USD25 billion and USD30 billion, but did not elaborate on the nature of the gap or how it would be filled. He also said the dynamics of Egypt's relationship with the wealthy Gulf Cooperation Council countries was changing, from the Gulf providing loans in a grand policy framework to direct investment. (Reuters)
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