Cairo – January 29, 2024: Egypt’s Minister of Finance, Mohamed Maait, revealed that the government is studying possibly issuing Emirati, Indian, and Chinese currency-denominated bonds for the first time in its history.
The bonds – which would be issued in Emirati dirhams, Indian rupees, and Hong Kong dollars – are within the government’s efforts to diversify its financial strategy by entering new markets and developing various financial tools.
On the sidelines of the Asian Financial Forum in Hong Kong, Maait noted that it would also contribute to diversifying Egypt’s debt portfolio and attracting international investors at low financing costs.
The finance minister added that Egypt is currently in discussion with Christopher Hui, Hong Kong's Secretary for Financial Services and the Treasury, on possibly issuing bonds in Hong Kong dollars.
Regarding the UAE, Maait emphasized that the Egyptian government is eager to strengthen cooperation with the UAE, particularly within the fields of taxes, economy, finances, and investments.
The minister also emphasized that the finance ministry is committed to easing and solving any obstacles Emirati businesses may face in terms of tax or customs.
Over 1,700 UAE companies have invested around $29 billion in Egypt, according to Maait. This is spread out across a variety of sectors, including wholesale and retail, transport, storage, logistics services, financial sector, insurance, information and communication technology, real estate, construction, tourism, agriculture, and food security.
He explained that Egypt is keen to encourage Emirati entrepreneurs to expand their businesses and increase their investments in the country, making the most out of its competitive advantages.
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