Egypt discusses possibility of issuing Egyptian bonds in Japan for 1st time

CAIRO - 17 January 2022: Minister of Finance Mohamed Maait discussed with Oka Hirochi, the new Japanese ambassador to Egypt, the possibility of issuing Egyptian bonds in Japan for the first time, according to a statement from the Ministry of Finance, Monday.

The Ministry of Finance said that 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.

During the meeting, the Minister of Finance stressed the keenness of all state agencies to prepare all means to encourage local and foreign investments, and to overcome any obstacles that might face investors, which contributes to the localization of industry, maximizing production capacities, and expanding the export base, in a way that helps drive economic growth and provide more job opportunities.

He pointed out that there are promising opportunities for Japanese car manufacturers to invest in Egypt, especially in the field of electric cars, in light of the state's support for the transition to the use of modern and environmentally friendly means of transportation.

The minister expressed the Egyptian side's appreciation for the support provided by Japan to implement the comprehensive health insurance system, as well as cooperation in the field of education development through the experience of Japanese schools and universities, explaining that the political leadership attaches great importance to health and education. as two basic pillars for achieving human development.

"The situation in Egypt has completely changed compared to what I saw during my previous visit 40 years ago, as it is now witnessing a major modernization process that includes all aspects of life in Egypt,” the new Japanese ambassador said.

He stressed that Egypt is an important element for regional and continental stability, and that Japan is keen to cooperate with Egypt, which will reflect positively on efforts to support regional and continental development.

He added that there are new Japanese companies that decided to inject investments in Egypt during the coming period; to take advantage of the attractive and stimulating business and investment performance environment, stressing the satisfaction of the Japanese business community and investors in Egypt with the application of the ACI system for pre-registration of shipments at customs ports in seaports.

The ambassador praised the efficiency with which this system operates, noting that he had received several positive messages in this regard from Japanese companies.

The meeting was attended by Hossam Hussein, Advisor to the Minister for Foreign Relations, Mai Adel, Advisor to the Minister for Financial Markets, Nasreen Lashin, Head of the Investors Support Unit, and Doaa Hamdi, Acting Head of the Foreign Relations Unit at the Ministry of Finance.