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English news

20-Sep-2018

Egypt planning to raise USD5bn from international markets within coming months

Egypt is planning to sell around USD5bn in foreign currency bonds within the coming months, Minister of Finance said on Wednesday. “We are going to sell bonds in the coming months in the market. It could be USD5bn plus or minus,” Minister of Finance, Mohamed Maiet, told reporters. Separately, Maiet said Egypt is, so far, dealing well with the consequences of emerging market turbulence. He added that the country could currently depend on planned budget support from international lenders, and “if we can’t, we will take (treasury sales) with a higher cost”. Maiet said that government would return to the international bond market “at the appropriate time”, he said, possibly in Jan-Mar 2019.

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