Foreign investments in debt record $15B since flotation: CBE

CAIRO – 13 September 2017: Foreign investments in government debt tools recorded $15 billion since the flotation of the Egyptian pound in November, Governor of the Central Bank of Egypt (CBE) Tarek Amer announced Wednesday.

On the first day of the Financial Inclusion Conference, which kicked off in Sharm El-Sheikh, Amer said that the $2.7 billion currency swap agreement with China will be extended “soon”.

“I received offers from investment banks to raise the value of $2 billion bonds that Egypt issued, which will be collected in November, to $5 billion,” Amer said.

Egypt has repaid $3 billion of its external debts, the governor noted.

The Ministry of Finance issued $7 billion in Eurobonds sales in January and May on the global bond market, which were both oversubscribed, as announced by the Ministry.

Egypt will pump $2-4 billion dollars in international bonds during the first quarter of 2018, Finance Minister Amr El-Garhy said in July, highlighting that there is no plan to issue more international bonds in 2017.