Egypt starts $4B eurobonds promotion within days

CAIRO - 18 January 2018: “Ministry of Finance is expected to start within days promoting the launch of $4 billion eurobonds which are scheduled to be issued abroad by mid-February,” governmental sources told Egypt Today.

The sources added that the value of the bonds will be added to foreign exchange reserves after the success of the launch.

The rise of Egypt's foreign reserves to about $37 billion at the end of December 2017 confirmed Egypt's ability to secure imports of strategic and basic commodities, and enhanced confidence in the Egyptian economy’s ability to attract foreign direct investment flows to Egypt by about $10 billion this year.

Egypt’s foreign reserves recorded the highest level in December 2017, which covered about eight months of Egypt's commodity imports, to be higher than a three-month global level.