Egypt starts $3-4B Eurobond procedures

CAIRO – 5 December 2017: "Egypt started the procedures of issuing $3-4 billion Eurobonds as it completed all needed documents," Minister of Finance Amr el-Garhy told Reuters Tuesday.

In September, 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 stated.