This comes within the plans to issue various medium and long-term government bonds, which target new instruments such as sukuk, sustainable development bonds, and green bonds; this contributes to expanding the investor base and attracting additional liquidity to the government stock market, in a way that helps reduce the cost of debt.
The ministry is currently implementing some legal provisions related to capital gains tax, although this tax is not the main reason behind the decline in the number of companies listed on the stock exchange, she noted.
Maait stressed during his meeting with the South Korean ambassador in Cairo, Hong Jin-wook that this prompts the government to overcome all obstacles and solve any problems that Korean companies operating in Egypt may face in the tax and customs fields.
The government aims to continue expanding modern financing tools in the field of sustainable development.
The minister emphasized that the budget for the current year 2020/2021 has a growth in public expenditures by about 9 percent, and a growth in tax revenues by about 13 percent.
Maait confirmed, in a TV interview on, Saturday, that Egypt did not address a number of international banks regarding the offering, denying a previous Bloomberg report indicating this.
The offers had been sent to banks, and that the offers included dollar-and-euro- denominated bonds.
This came during the weekly meeting of the Egyptian Cabinet headed by Mostafa Madbouly, where he discussed many important files and issues.
According to Bloomberg, Societe Generale SA forecasts that the currency will gain another 4.5 percent to 15.35 per dollar in 2020.
The volume of international bond issuance put up by Egypt amounted to about $20 billion, in light of the developments recently witnessed by the economy, Amer said.
This comes in the framework of the company’s endeavor to diversify the sources of financing by entering the bond and sukuk market.
Premium International for Credit Services announced Sunday the closing of Egypt’s first short-term securitization transaction, worth LE 167 million backed by a portfolio of consumer card receivables in the total value of LE 184 million.
For the current fiscal year, the budget deficit is estimated to record LE 445.1 billionplanned to be financed through treasury bills and bonds and through international and Arab loans.
Egypt postponed the bond offering in 2018 after the emerging markets' crisis.
Sterling was also hit by a bout of Brexit blues after a round of votes in the U.K. parliament failed to produce any new plan to manage its divorce from the European Union.
The source added that the issuance is expected to be widely subscribed in light of global interest in Egyptian bonds.
Ma’it clarified that the upcoming issuance will be in currencies other than dollar or through new products.
We used to borrow to repay both maturing debt as well as to finance new debt,” Kojak said.
Egypt Today reviews the most significant indicators that Egypt achieved during July to December period of fiscal year 2018/2019.
Egypt has decided that Goldman Sachs, JP Morgan, HSBC and Citi Bank will manage the dollar-denominated bond issue, the ministry said in a statement.