Egypt intends to issue USD2bn worth of Japanese yen-denominated bonds next week, two government sources said, part of up to USD7bn in planned foreign bond offers. Finance Minister Mohamed Maait said his Ministry had received Cabinet approval for USD3-7bn of foreign bond offers. Maait did not say in what currency the bonds would be sold, nor did he specify the time frame, though he said Egypt was looking “to diversify currencies, products and markets to find good financing alternatives”. Proceeds from the issue of so-called Samurai bonds will be used to repay debts of state oil company, Egyptian General Petroleum Corp (EGPC), according to one of the government sources, speaking on condition of anonymity. Ahead of the expected bond issue, Deputy Finance Minister Ahmed Kouchouk went to Japan last week as part of a promotional roadshow that includes Singapore, one of the sources said.