Fiscal gap is estimated at $10-12B in FY 2017/18: Garhy

CAIRO - 18 September 2017: Minister of Finance Amr Al-Garhi announced that Egypt's fiscal gap is estimated at $10-12B in FY 2017/18 during the Euromoney Egypt Conference which kicked off in Cairo Monday.

The government is planning to issue the euro bond at around $3-4 billion in the first quarter of the year 2018, added Garhy.

The two-day Euromoney Egypt Conference kicks off Monday in Cairo in its 22nd edition, with a focus on business sectors and opportunities created after the steps taken towards economic reform.

Entitled ‘Stability and Cohesion- Opportunities in Egypt’, the keynote speaker of today’s morning session is the newly-appointed chairman of the Egyptian Exchange (EGX) Mohamed Farid.

Euromoney’s first day featured an interview with the Minister of Finance Amr el-Garhy.

The first session focuses on financers and investors, with the interviewees including Co-CEO of CI Capital Hazem Badran, Co-CEO of Attijariwafa Bank Ismail Douiri, Mastercards’s president for Middle East and North Africa Khalid Elgibali and the Executive Director of the Egyptian-American Enterprise Fund (EAEF) Amal Enan.

The second session discusses government bonds, corporate finance, equity capital markets and initial public offerings (IPOs). Meanwhile, the third session will tackle the real estate sector in Egypt.