SNG: Egypt mulls issuing $4bln international bonds in 12 months

About this update from Kuwait Finance House K.s.c.

Staff WriterArab Finance: Egypt plans to issue $4 billion in international bonds over the next 12 months, Bloomberg cited Minister of Finance Ahmed Kouchouk at the Egyptian-British Business Association in London.The offering aligns with the state's strategy to diversify the financing sources and drive economic reforms.Kouchouk unveiled the government's intention to offer instruments that include euro- and dollar-denominated securities and sustainability bonds to cover around 40% of Egypt’s external funding needs for the current fiscal year (FY).During a panel session at the conference, the minister said they are working to extend maturities and reduce reliance on short-term financing instruments.Instead, the ministry aims to expand long-term financing instruments to ease the burden on the budget and enhance financial sustainability, he added.This also falls within the state’s commitment to reducing external debt for budget entities from $1 billion to $2 billion annually.Finally, Kouchouk noted that the government considers returning to Sukuk issuance after the success of the first offering of Kuwait Finance House.© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

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