Government to discuss Eurobond issuance next week

CAIRO - 20 September 2017: The cabinet will discuss next week the issuance of €1.5 billion and $3-4 billion in international bonds, Minister of Finance Amr el-Garhy said in a Wednesday press conference at the cabinet premises.

Speaking at the Euromoney Egypt Conference earlier this week, Garhy said that the government is planning to issue a third round of Eurobonds at a total value of $3-4 billion in the first quarter of 2018.

Egypt issued $7 billion in Eurobonds sales in January and May 2017 on the global bond market, both of which were oversubscribed, according to the Ministry of Finance.

Foreign investments in government debt tools have recorded $15 billion since the flotation of the Egyptian pound in November 2016, Governor of the Central Bank of Egypt (CBE) Tarek Amer said last week.